I know AR is notorious for slow appreciation, but also fairly recession resistant.

It's also notoriously picky on the inspection process and has to pass many Govt rules. 

Any rental income coming in would not offset 30 years in prison or $1M in fines.

I have a tenant with 3 kids in a unit who at the beginning of covid faced financial hardship when her husband was held in prison.

Locate your nearest federal prison and be prepared for a stay up to 30 years and up to a $1 million dollar fine.

@Paul Henning Cost per sf is a notoriously bad predictor of value, unless comparing nearly identical properties like two condos in the same building. 

These are often tenants who have allowed uncle Billy Bob who just got out of prison for drug sales to move in with them without notifying the landlord.Make sure that you follow the requirement for your state on how much time to notify the tenant regarding these checks prior to entering the rental unit.   

But still spent 22yr's in a Texas prison.

Land use, zoning, and permits are notoriously strict in California, so having a big dream of what to do with big land may be kiboshed by zoning or ordinances. 

It could be time in a federal prison.