Purely hypthetical, as this is not a problem I have, but-  were I sitting on a pile of monies of the magnitude to buy 160 acres of I-State dirt, and really wanted to put it into real estate, there are probably places to look that have already been more impacted by the doubling or tripling of interest rates.  

There will be houses that were a $750,000 marketplace 18 months ago that $500,000 of cold hard cash might get tomorrow.