400 acres x $6500/acre= $2,600,000
$180/acre/year x 400 acres = $72,000
$2,600,000 invested / $72,000/ year income = 36.1 years to break even. Assuming zero property taxes and or upkeep on the land. Obviously you have the land as an asset, but that doesn't seem like a great use of $2.5mil. With even a crap safe 3.5% interest rate you'd have almost $9mil in that time.
That is why I have slowly moved myself out of the real estate game. To me, real estate is better when you're younger and need the deductions you can get there, but not in equities. I can deduct every little damn thing you can think of as a farming expense on my place here in Idaho, but only because, though I lease the land for grazing, I'm still doing hands on work. But we're really talking hobby farm amounts here, which is all I care about - enough money to cover expenses on land I enjoy for other purposes.
On the family land in CA, there are much fewer possible deductions, because the farmer does everything. What you rely on there was land appreciation. Which it did like crazy, until last year when when CA government decided to affect the market with water regs. My dad and I only have 80 acres left there now under lease, and the plan is to sell it when the lease is up in two years, but who knows what we'll get. Could be a lot if the water thing is Trumpified, could be very little if it's Newsomified.
The lease on that 80 acres is about 20% of what we could get as interest/dividends for the current value of the land, invested at Vanguard at ~4%. And I just spent $95K on a new pump and well there two years ago. Vanguard never makes me drill wells.