Do I need to Consider Cost of Land (per acre) When Looking for a Good Deal?

[Austin Prewett]

Hey All,

Rookie investor here, and I'm looking at different properties for the best deal. I've done my fair share of research into good 'rules of thumb', but not any that consider the cost of land in the area. I've heard that looking at the average cost per acre versus the cost of the property can be a good indicator of whether you want to invest in repairs versus teardown. But are there any good 'rules of thumb' behind this principle? Like...If a property's cost per acre is [blank] higher than the cost per acre for the area then stay away.

Any advice is appreciated!