FSBO house with subdividable acrage

[Greg Carroll]

A FSBO just popped up by me with a 1970s style ranch that would be a great fix and flip. If it was just the house the ARV would be around $225. The asking price however is $400k because it also comes with 14 acres of subdividable land zoned agricultural/residential. Its a long thin property and would set up great for additional house lots. How do you figure out offer price and is this even a wise investment?