Appraising an iffy house on a TON of beautiful land

[Matthew Newman]

Seller says that he had his house appraises last year for $1.4 million. He is asking $1.2million. The house is 2 bed 2 bath 2,000 sq ft. THe lot however is over 40 acres in a nice area however it is zoned currently as a single family residence. He says that with enough funds and a little pull that one could get that zoning changed. It currently is a horse property

I looked up comps on the house, but it is a little bit difficult to figure out. There are no houses in the area that are really similar to the one im dealing with. There is a house in the area that have the same square footage that went for 470k in the but the lot size is only 20,000 sq ft. There is another 3 br 2 bt that sold for 730k but the lot size is 69,000sq ft. A 4 br 3bath on a 12,000 sq ft lot went for 723k. Finally a 4 br 3 bath on a 90,000 sq ft lot went for 915k.

Like I said before the house is not too great, but the property is well over 4 times the size of anything that has comps. The closest is the neighboring property that went for over 1.5million at the end of 2011. That was a 4br 4 bath on a similar size acreage.

As a wholesaler, what number do you think that I should be going in there with to make the deal work? Based on the comps I provided, what do you think the property is worth?