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Glasgow, Ky | After reading through good input you received my opinion is to buy it if your daughter and SIL want it. Work with them to structure the purchase however you all decide to do it involving them financially in the purchase.
To me, there is no greater satisfaction the taking a neglected farm and turning it into a productive and eye pleasing farm. It will give you and your kids the opportunity to work together to accomplish this. In years to come they will look fondly on what you all did together, memories that last a lifetime.
I'm a few years older than you but still enjoy working with the dozer and skidsteer making improvements on our land some of which is much like your prospective purchase.
You can make more money with the stocks but you will have more good memories buying the land.
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Buy the 160 close to home --sell stocks?