I paid $960K for 640 acres of dryland ground about 20 years ago. Since then is has produced $2.15M in gross rental income. I put a well and a center pivot irrigation system on it that used up most of first two years' rent, but having a good well and a center pivot probably doubles the annual crop yield and the amount of rent that the farmer is willing and able to pay. Last year it averaged 288 bushels per acre, including the four corners that aren't under the pivot. The rent was $130K and the corn sold for $868K, so the farmer had $738K available to cover his other expenses.
