Broadly, there’s only two kinds of real estate.
A) Good real estate you’ll keep
B) Decent real estate you’ll improve
You buy A because you’ve got incredible conviction in the market and time on your side.
You buy B because you’ve got incredible conviction that people will want the new and improved version of the thing, and you’ve identified one or two critical levers within your control that will drive that outcome.
Anything else is just conversation.