Legal drains and recurring cost
Much of Indiana's productive farmland is productive because it is drained, and the drainage systems are legal drains under county surveyor jurisdiction. Maintenance is funded by assessments against benefited land, and those assessments are a recurring cost of ownership.
Before buying, ask the county surveyor whether the parcel is in a legal drain watershed, what the current assessment is, and whether any reconstruction project is pending — reconstruction assessments can be significantly larger than routine maintenance.
Separately, ask about private tile. Field tile systems frequently cross property lines under arrangements from generations back, and a broken tile on a neighbour's ground can flood yours.
Farmland economics drive the market
Indiana cropland is priced against what it produces. Soil productivity ratings, drainage quality and field configuration matter more to value than anything aesthetic, and the buyer pool is dominated by operators expanding rather than by outside investors.
For an investor, that means competitive pricing and returns that come from cash rent plus appreciation rather than from development upside. Verify the soil productivity index, current rent, and the tenant arrangement including whether any lease survives the sale.
Southern Indiana is a different market
The hill country south of Indianapolis carries timbered recreational acreage at substantially lower prices, with the constraints that come with hills: limited buildable area, driveway costs, and septic feasibility that varies sharply with soil and slope.
What to verify
Legal drain status and assessments. Tenant leases and whether they survive closing. Soil productivity where the value is agricultural. County zoning for residential intent. Septic feasibility in the hills. The risk scorecard covers the screening.