Purchasing land in city near Austin a good idea?

[Jarrod Covey]

With supply being in the red across the Austin-Round Rock MSA, supply in peripheral cities is being uncovered and made available to purchase. 

For instance - there is a 5 acre lot with older livable home in Taylor, Texas for sale at 79% LTV. (Appraisal at 332k in 2019)

With land appreciating faster than houses, is this type of deal smarter than a buy & hold in Williamson county?