Question for any land investors out there

[Ryan Bennett]

1.2 acres 2 blocks from a lake (skiing, fishing etc) $400. I found a lot zoned residential that is very cheap. Owners are old, had it for 30 years and want out. HOA + property tax is $150 for the year. The lot is mountainous (25%+ slope) and is on a main county road so there is access. Zoning in Bella Vista, AR will not allow for any type of mobile home/tiny home and requires a certain square footage minimum to build. There is access to utilities and there are some other homes close by. The residential lots it backs up to are all vacant as well and valued at 3k on the county website.

It is super cheap land, but I cannot figure out if it is even worth it.  What would I use it for?  I can't see a buyer wanting it since there is other land nearby that is not on a 25%+ slope.  It's just so hard to pass up 1.2 acres for $400 free & clear.  Any ideas on how I could use the land or should I just walk away?