Should I buy a farm?

[Kyle Pepple]

So there’s a farm for sale here in the Midwest for around 230,000. It’s 160 acres and comes with a well kept 3 bed 1 bath farmhouse, a large old fashioned barn, 2 pole barns built within the last 30 years, and a few silos. I spoke with the man selling it, and he says it was his brother’s farm who passed away recently, and the family just wants to get all of the affairs settled, so they listed everything for the tax assessed value. I’ve done a little research and it seems that the average acre of land in the area is worth around $2500, and at very least it’s worth $1700. To me this seems like a good deal and It seems lIke I would have options. I’m thinking I could either wholesale it to another investor who’s worked with farmland before, or I could try to sell the whole thing myself, or sell a chunk of it and rent the other chunk to nearby farmers for around 200 per acre per month. Is this deal a home run or am I missing something? Is it hard or does it take a long time to find a buyer for farmland? Would nearby farmers even want to rent land if it was renting for the right price? Is there any way this farmland could be worth way less than my research would indicate? Anyone with agricultural real estate experience, any advice you can give me would be extremely helpful!