Help me analyze this land deal

[Tracy Selfridge]

I found a .99 acre lot for sale by a motivated seller. The land is in a small neighborhood with a few other lots and houses in the 150k to 160k range. 

The lot doesn't have a septic or well and has some small trees on it. It slopes a little towards the road and the house right beside it is a 3 bed 2 bath 1,819 sqft house that sold for 166k in 07

11mins (7.6 miles) out of Blythewood

33 mins (26 miles) out of Columbia

Purchase price is 5k and I would cover closing

How can I make this deal work?