RE: How would you spend it?
you would be surprised but it is cheaper to buy a house and remodel it then to buy or build a new house.
I would go with 350 to 400 k for land then 100 to 150 for the house if i bought land with a house on it
iif would need to build i would wont 200k for the house
and around here 300k for land would get you more then 150 acres or so