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Anyone have a clue on how to evaluate it as an investment?

There's at least 3 possible ways to make money.
1> "farm" it yourself - hire people to come do the planting, etc.
2> rent the land to a local farmer
3> sell it at an appreciated value (whether selling still as farmland or selling as lots for houses, or selling for other development)

The first is the most difficult to evaluate IMO. You have a lot of risks - crop yields, price for crops, price of people coming in to do work going up, etc.

The second requires a local farmer who is interested in renting the land - but can't (or doesn't want to) buy it. If it's that they can't - how do you know you'll get your rent money from them? If it's that they don't want to buy it - they probably think it's overpriced for what the land is worth.

The third may be a long time before you get money out of it. (but hopefully you can at least pay the taxes using income from the first 2 items in the meantime)
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