Cheap Land, What's the Catch?

[Michael Molnar]

I live in Washington State and am looking for some land for recreation purposes and, possibly, build a VRBO in the future. With the varied landscapes in Washington, we have many options. Primarily, I am looking at either something at the ocean, or on a lake or riverfront in the mountains.

Browsing real estate sites, I'm seeing what seem like great deals - e.g. 5-15 acre lots for under $50K. Some of these properties have been listed for months and even years. Some of these are surrounded by $1M homes. Which makes me ask, what's the catch?

Being new to REI, can anyone give me any advice on what I should be looking for?