Only buy land that you would want your grandchildren to own. If it is land you have no emotional attachment to it you best get it reasonable. While every comment has merit what always seems to not come up is the income tax it takes to get the land paid for. If you are going to make a $1000 of principle payment remember your paying another 15.6% Se tax, 24% Federal income tax and what ever your state tax is. MN is another 9% meaning that $1000 is now roughly $1486.

I bought some lesser quality land at one time as a hedge on inflation. It was that, but I regretted it every time I worked it, the day I sold it was a very good day. I bought my first piece long before I understood this, it was tough to pay the income tax when I didn't have any $.