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Yea CIPs. Also a function of higher interest cost. If it's an IGA/Mitre 10, I don't see why not. Albeit you'd have to note that the person selling it could've been part of the original subdivision/development group and yields 35%+.

For a town that possibly has no cap growth and the land obviously has no development potential (since its leased out) it's probably reasonable, but I'd still tread carefully. More importantly you also need to determine if the rent is reasonable because if its not, come market review, it could be...