OK, so I've received a call from someone in another state who purchased land, sight unseen, and now, after the fact, wants to know what it's worth. First off, unless you are a successful, experienced investor who has established a relationship with a trustworthy, experienced real estate professional in the area you want to buy land - don't do it. You absolutely need a professional you can trust to go take a look at the property, evaluate that area's market condition and the market potential of your prospective purchase - before you make any purchase.
After you've already bought the property is not the time to call around and see what it's worth. In this specific case, this person purchased a .82 acre lot for around $19,000.00 in an area where lots the same size and in better areas are now selling for $5,000. Not a good thing. At all. The real "kicker" is that in this particular area you actually need at least two of those lots in order to build anything due to state and county regulations pertaining to the location of a septic system (which this property requires) and a well (which this property also requires).
Not to mention that in this area there are many larger parcels of property that can be had for the same $19,000 this person paid for a "football field sized lot". In fact, many people routinely come into the Sulphur Springs Valley and purchase raw land, divide it or maybe make an improvement or two, then turn around and sell it. This valley is full of investment opportunities for people who want to buy and sell land. In many cases, if you develope a good working relationship with the right real estate professional, you do not even have to make any improvements at all - the right professional can find you those really good deals that make you the most profit.
But, that's the key. If you are looking for a real estate investment, especially land, you really do need a real estate professional who can look out for your best interest, this does require spending the time to find that right professional you can work well with, who understands what you are really trying to do, and has the experience and integrity to pull it off.
Don't make the mistake of thinking "any" real estate agent will do the same job - that's like saying "any" doctor can perform brain surgery. That old addage, "the right tool for the right job" can be applied here. If you're thinking about investing in land, your first piece of homework should be to find the right area. Immediately after you've decided where you want to focus, find that qualified, hard-working real estate professional you want to put your trust in - then do what they advise you to do. They are worth their weight in gold and will make you a lot of money over the long run.
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