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What does the cash flow look like on a likely rent? $214k for construction sounds fair, depending on furnishing. It is the land value I am not sure about for a 375sqm.

There is the concept of value for mortgage purpose; which is usually lower than real market value. The maximum value when purchasing is the amount you purchase at, even where you pick up a very good bargain. And the value is lower where you are seen as paying a premium above market value...