You need to gather intel and do a risk assessment then decide at that point.

It was assessed at $119k but we bought it for $115k.

The land is about 20% of the purchased price (based on the prop. tax assessment) leaving 160K of the improvements to depreciate over 27.5 years in our example. 

Location, condition, economics, accessibility, future assessment. 

Situations in which my knowledge, experience, and expertise allowed me to reach a risk assessment quite different than what was commonly thought to exist.An example combining some of the above was a auto repair facility that was being sold in bankruptcy and had an environmental problem.

The assessed value with land and building is about $670k. 

@Reese Davis - To add on to Taylor's advice, maybe spend an hour on the phone with a RE lawyer  familiar with auctions to assess options?

The military after any major task create an objective after action report to assess what when wrong and what went right.This type of story can only be learned from  if you look past the fluff and objectively look at what went wrong.

Is that based on what it was assessed at for 2018?

First off, Auction.com has a well laid out and and easy to understand faq section under the help link that is very comprehensive as to information on the entire process.