The hold thesis here rests on infrastructure that most rural land does not have. Multi-gig fiber to every homesite under a dedicated broadband agreement, three phase electric, community water, and public roads the highway district plows. That combination is unusual, hard to replicate, and it tends to compound rather than depreciate.
The flip thesis is thinner because the point of Clagstone is the neighborhood that grows around Joe’s stewardship, not a quick resale. Buyers here are looking at a decade, not a quarter. If you are a two year investor there are cheaper undifferentiated acres nearby that will move faster.