Need help wrapping my head around something. · Commercial Real Estate 101

Need help wrapping my head around something.

So I’m not new to wholesaling but I am to this community and commercial flipping. Looking to focusing on flipping land specifically. I came across a listing that’s been on the market since ‘05 in Crandall, TX for 107 acres commercially zoned listed at $32.626 mil. Now don’t get me wrong, I know Crandall is hugely up and coming and this is just south of the US 175 and has good selling features and whatnot but I’m seeing some comps of 100+ acres priced at like $5mil… Anyone might have any insight on this? Seems like it should be a good target for a heavy discount with that price tag and listing age

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