Monopoly: to play or not to play?

Grace Church has ended up in the unenviable position of being surrounded by houses. Years ago, what is now the development that lines what we would call the back of the church property, was a field. From what I hear, we had a chance to purchase it, but at that stage of Grace's life we weren't positioned to do so. The houses that front the church on West Lincoln have been there since the 1970s.

I noticed in the past few weeks that the large house next to the Chapel parking lot is on the market. Over the past 6-8 years all but maybe one of the houses that line West Lincoln have gone on the market. Each time a house went on the market the Elders weighed the pros/cons of purchasing it.

To date, they've decided, and I support, not buying the properties. The land is of most value to us. Additional land would give us more green space to build out other parts of the property. The houses create a visual block to our property from West Lincoln, reducing our visibility. In a lot of respects we'd probably prefer to level the houses. Of course, paying market rates for 5+ residential properties is going to run upwards of $1M in today's market - that's a lot of money for but an aggregate of a couple of acres. That's why we haven't pursued them.

Each time I see one of those houses go on the market, I remind myself why we've decided not to pursue them.