I have found a place where less than $200K USD can buy an apartment in the city center, and a large tract of farm land 10 miles outside the city.

John Jacob Astor, America’s first multimillionaire, built his fortune by acquiring vast tracts of Manhattan.

As an example I've stopped doing business with a plumbing distributor as they want to move away from mom n pops like me and target high volume tract builders.

It is important you pick a tract of land that A.

I would like to subdivide the land into smaller 5 acre tracts, sell them, then complete a 1031 exchange.

Again, different strategies but in my opinion the larger you get the lower the risk you want and as others have pointed out I think your deals in the build to rent sector or with larger tract builders is where we focus and probably others as well. maybe this was a special deal. in a few weeks once we get the appraisal back on an infill lot we have I'll show you how we made almost a million dollars on a site that's 0.1 acres and urban with very little risk backed by appraisals. we didn't have to wait 18 months or invest 500k either. we barely needed a capital partner too and every deal we entitle we would develop.

The only caveat with that loan is that you'll need to purchase in a low to moderate-income tract. 

There software can tract really small differences in what's presented and what it should be.

Quote from @Bear Geiger: At Little Bear CreekProperties, we specialize in developing large tracts of land into individuallots for home builders in the Raleigh, NC area.

The only caveat is that you must be in a "low to moderate" income tract neighborhood.