Should I buy this farm?

[Weston Peters]

Hi there. First post here and I need some advice. Here is the scenario.

I have an opportunity to buy a 45 acre farm in a location that is just perfect for us. It was appraised last year at 389,000 and I can buy it for 340,000.(no realtor involved) It needs a little work ($5,000) There is 30 acres tillable and the income from the farm is between 3,500-4,500 a year. The setting is beautiful with some woods, a nice pond and creek. We would like to raise our family there.

We can put $100,000 down. Our income is $3,000 a month and will be increasing to $4,000 a month soon. I can get a 4.2% APR (5 years) loan for 20-30 years. Our living expense are somewhere around $1,500-$1,900 a month. We have no other debt, and about $4,000 in an emergency fund.

We're wanting to make good decision and would like some advice. How do these numbers look to you all? I'm willing to make sacrifices for our dream home, but not wanted to get in over our head. Any advice is appreciated!

Thanks, Weston