I've bought 180 acres in north central KS. in the last 3 years, first 100 acres then the attached 80. My wife and I have excellent credit and were able to put down 15%. My brother farms the land for me at the above mentioned 1/3 mine, 2/3 his rate. The average price I paid for the two pieces is right at $540/acre. I just sold my share of soybeans and with this income, plus my milo and wheat, and government payments, my land is going to fall justa mere $420 short of paying for itself this year. I have just over $7000 of income and just over that for all expences including property tax, fertilizer, herbicide, monthly payment, etc. Seems like a great deal, huh! BUT, in farming there is no gaurantee of income, CRP payments come close to it for the life of the program that the CRP is signed up for, SO take that into concideration. The land may make money one year, or several years, BUT make sure that you don't get yourself in the situation that you are relying on the land to make an income. Just like buying a house, only bite off what you can chew and make sure you leave enough financial squiggle room incase hard times fall your way!
They ain't making any more land, IMO, it's a great investment! I can remember when my dad bought his last 1/4 section of land and paid $315/acre and he thought that price was rediculous! There is a 1/4 section that was recently for sale in that area that didn't have near the income potential as my land does, and it sold for $800/acre! It's not getting any cheaper!