My business partners and I are starting a small farm in north-metro Atlanta, and we have found a piece of land in a quiet suburb that is perfect for our operation. It's owned by a family friend who wants us to come up with a figure for him to charge us for rent, and we don't really know where to start. Anyone have advice on pricing the land? Here is some info about it...
We are building all structures on the property, before that the land is untended. There is a well on the property, and the owner is hiring someone to run water and install spigots around the property. The field is about 3 acres, but the property also contains several acres of woods and a house, which we will eventually be moving into (the house needs a lot of work, so for now we're just renting the field). When we move into the house, in several months, we will renegotiate the terms of the lease, but until then, if anyone can provide me with resources or advice on how to appropriately value the land itself, anything would be very much appreciated!