I had the same thought as HCH will the rent cover the mortgage or come close?Does the house need any investment in it other than cosmetic to make it available to rent?Do your diligence and move fast if it is good ground.40 acres is not that big a piece for multiple hunters.How about buying it subdividing the house off of it and possibly selling the house,you could have the land for next to nothing.Or buy it,rent the house out and have a logger selectively cut,and sell the timber.You may not be in a negative cash flow position.
And remember if any of these ideas help you,I have always wanted to archery hunt in that part of the country!
Good luck!