Buying a cheap rural lot in Northern Michigan, worth it?

[Billy Holt]

I stumbled across several lots in rural Michigan (near Alpena) across the street from Lake Huron and down the road from another large sports lake, that are priced around $1,500. For that price I wouldn't be opposed to buying it to take a chance at the appreciation play or possibly developing it down the line (possibly even keeping for myself as a getaway). Taxes are $30/yr and there's an HOA fee of $242/yr (includes use of an indoor pool, private launches and a clubhouse). Association rules don't require me to build on the lot. What's the catch? Any red flags here?

http://www.realtor.com/realestateandhomes-detail/E...

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