Determining the value of Timber Land

[Gabriel Ferrin]

I'm considering buying timber land and I'm trying to figure out how to do calculations to determine good deals. 

My ideal situation is to find arbitrage opportunities where the price of the land is less then what the value of an initial harvest. I'm not looking to clear cut the land but ideally I would like to cull some of the weaker trees and allow the better hardwoods to grown and to plant more desirable trees. 

I've heard anecdotal stories about this being possible, but I was wondering if anyone has any good resources or models for determining the potential profitability of a piece of timer land. 

I know it varies tremendously by type of tree and number of trees on the property but any resources to get started are helpful.