Investing in land for Solar Farms

[Walter Roby jr]

I've been reading about land and its use for solar farms. The main drivers are proximity to substation (power grid), flatness, and exposure to the sun. So I started looking at some land and solar websites and came up with a very basic analysis and am curious to see some thoughts. This criteria would imply that this land is near the grid, flat, and underneath the sun.

LandWatch

San Bernandino Desert Land 80 acres

Price: $58.8k seller finance at 320/month

Taxes $120/year = 12/month

Total Monthly Payments 332/month

Web Browsing

Rental income from Renewable sites roughly $750-500/acre annual (62-42 monthly)

80 acres at $500 annual = 40,000 annual 3,333 monthly

Total Monthly Income 3,333/month

Total Monthly Payments 332/month

Total Preliminary CashFlow 3,001/month

Annualized ROI 63%

The land posting does not mention a down payment so I assumed 30yr financing at 5.25% to get roughly $320. Also does not take into consideration setups costs if not paid by the solar company.