ORIGINAL: jackflap
seeing as it is not in cultivation and has no improvements other than being on pavement, I would think 2k per acre or $40,000 total.
I posted before I saw your answer. From what I know of general midwest land values, (I don't know much but being in the agricultural field, I know general land values throughout various parts of the country) I'd say he has priced about right. Not a steal, but a priced at a level where he shouldn't have too much trouble finding a buyer.
In our country, you would do well to get 1/2 of that.
Down here, most places that are less than 30 acres are $3 - $4,000 per acre. When the land is more than that, one is looking at $1000 to $2000 per acre. The closer you get to Albia, the higher the price. We looked at one place last year that had 45 acres with 1/3 of that timber, and the rest clay, lots and lots of clay. It was 5 miles from where the Albia buck was taken and they wanted $7500 per acre. The realtor had it listed for $2500 per acre and didn't say anything to us until we drove down there. Said it was a typo. But on the brighter side, it was a beautiful day for a drive.