Okay, as best I can recall I have owned:
An off lake lot in central Wisconsin
60 acres of woods in Upper Michigan with a small lake
Three (3) 40s of hunting land in Michigan
68 acres in Illinois used for hunting
A seven (7) acre ranchette in Texas
Results:
Except for the 60 acres and the 68 acres I pretty much broke even on everything else, but may have lost a little money when you factor in carrying costs and inflation. The 60 acres was
exchanged for another piece of property which I eventually sold. I made money overall, but not a lot.
The 68 acres was sold for 5 times the purchase price
in the last 3 years. However, I held it a long time.
I never bothered to figure it out but suspect I did pretty
well even with taxes and inflation added in.
We used a lot of this property personally, so you need
to take that into account also. Most of the land was
never improved or was zoned "ag". Taxes were not burdensome. Sorry I don't have exact numbers.
Never had a real "gotcha" on any of this, except once in a while you get an uninvited "homesteader".
I think my main handicap was that I got itchy and decided
I wanted to get the money out and move on. Thus, I never held on long enough, except for the aforementioned 68 acres.
John Galt