USA | SIU1990 - 2/27/2025 20:46
128 acres just outside of Greenville sold this evening. I didn’t watch but a buddy of mine told me it brought around $16,400 on average including the buyer’s premium. 106 PI. Crazy to me how resilient land prices are in this neck of the woods.
$16,400 acre @ 6.5% @ 20 years = $1488 acre year Int and principal payment+ Re tax + income tax .
Using $300 rent, going to take $1200 acre + subsidy x 128 acres = $153,600 plus yearly subsidy to make the purchase cash flow.
Add 40-50% to purchase price for required income tax = around $6500- $8000 an acre income tax to pay for the purchase.
Way things look to be shaping up going to be some folks in a cash flow crunch over the next 2-3 years.
Edited by coup 2/28/2025 08:50
|
Bond Co IL Land Sale
