You can also call your property manager if you use a professional management company to see if their portfolio has anyone that recently purchased or currently owns properties in the area that are thinking about selling (just to help you rationalize your value better).

It seems rational in addition to what everyone else has said above to put some sort of fencing around the thing to keep the dogs safe.

Are sellers rational?

In what world is that even a rational suggestion - it's the equivalent of saying just close your eyes and everything is going to be okay! 

So, in a rational market it is assumed that the cap rates will need to be somewhat higher than the interest rates.Put A and B together, and since we've seen a run-up in interest rates, we would need to assume the cap rates going up, which we have not seen, meaning that the market is very bullish.

I believe that this is due to (finally) rising interest rates deflating asset values, which is highly correlated to the exponential increases in income for top earners like CEOs, executives, money managers, RE investors, and Private Equity Groups.To me, the only logical stance is "rational optimism" (I heard this term from Morgan Housel).

95% occupied sorryPersonally I don't count the POH rent towards the NOI because my lenders won't either.30 occupied at $450 = $162,000 gross incomeAssuming a 40% expense ration your NOI would be $97,200If you wanted to buy at a 9 cap you'd be at $1,080,000Definitely check my math but I'd try to pay around $1 million for this.

If you think you can have a rational discussion with him, maybe you should explain you're thinking to him.

And if your electric contractor is one man, he likely can't put the 40 foot service line back on the building.If the tenants are on a downward spiral they won't get out of it even if they rationally can. 

But I think we all know not ALL people are rational, and some people / agents / adult-children don't quite get it or hide facts ( fake income statements, etc. )