You may want to look at the property as something other than what it is now, the typical Donald Trump acquisition approach. Can you subdivide the 5 acres, improve the structure, or do anything else to instantly increase its value after you take possession?
I think you already know that if the property doesn't appraise for the asking price your lender, if you are using a mortgage (and I really hope you're not...) will ask you to come in with extra cash to cover the difference.
Unless you absolutely must have this property and have the money to over-pay based on current value, look ahead to predict (with some level of risk) if the property will be worth the current asking price in the future. If the property is truly in a great location, someone will take that approach and pay full price.