Check the condition of the buildings. Any rotten wood/insect damage? What condition is the roof in? How is the plumbing and electrical? When was it last updated? In a house that age, you may need a complete re-wire/re-plumb job.
What condition is the acreage in? How much of it is "arable" land, as opposed to wooded/overgrown? How is the soil fertility? Has it been lying "fallow" or over-farmed? How much work will be required to bring it back into production? What do you plan on doing with it? Growing crops, raising livestock, etc.?
The nice thing about that much land is that you CAN raise your own food...room for a garden, raising livestock, areas for pasture, growing some grain, etc.
Things to inspect on an older homestead
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