I've come to the same conclusion came home from a land auction for nearly $4000 per acre for marginal land, and had to do a rethink of my strategy. Added up all the acres on the farm which I could put into production with some work( or a lot of work). Trees, marginal wet, potholes, fencelines, junk piles, and was surprised to see that I could add nearly 10% to my crop land, for a small fraction of the cost of buying the equivalent acres. Currently looking for the rest of the toys needed to do it with. Has been an ongoing process, but will make it a priority now. Just bought a fixer upper quarter for much cheaper using the same strategy.Is there actually any more money in owning more land? I've been personally debating on what to do about getting extra acres. It feels like most of the extra money goes to paying for the equipment and manpower to farm said land.
I'm starting to think that just doing a better job and/or improving current land is money better spent.