I have to agree with JDSeller and recommend against this purchase. Land here has corrected in price from $11K+/A to around $7K/A in the last five years. At least one of the BTOs has gone bankrupt and the even BiggerTO that bought all his stuff is struggling to make payments. Another pair of brothers split up and one is struggling with his three kids to farm 6-7000 acres.
Your operation was not profitable, making it a larger, not-profitable operation makes no sense.
You have other debt- I LOVE land as an investment, but NOT when highly leveraged- what can you cut to make these new mortgage payments if you can't get 75% of current rent, and will that cause you to default on this loan or, even worse, your own home mortgage?
Right next door may warrant a 10% premium, but not much farther.
Fifteen years ago the 40 acres next door went to auction, two BTOs were outbid by the local hot-shot car dealer (with family farming ties) at $6K/A. He tried to develop it for houses, but couldn't get it to qualify. Put it up for sale at $12K/A, has been rented for corn/beans with no buyer wanting that. Still for sale, the sign blew over a couple years ago and still lays out there. Neither BTO is willing and they farm within a few feet of this spot. I'm sure he wishes he never saw the place.
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