Pasture $50/AUM

I was bidding on some BLM pasture not far from me.  This 1194 AUM pasture went for $50/AUM.  It's a pretty good pasture, but I don't think it is that good.  The south end has good access to water, but the north end not so much.  It is supposed to have a tank that is supplied from the well on the other side of the fence.  There is no guarantee the well can produce enough water for both pastures, so it is possible not have water on the north end.  It is the lease's responsibility to maintain the fences, maintain insurance, and pick up trash that could tossed out by anyone that drives through it.  There is a paved road that goes through it to Bass Lake, and there is a bar not from it, so there is a chance that the cows could get hit buy some drunk drivers.   

Pasture $50/AUM