The hold thesis here rests on infrastructure that most rural land does not have. Owner run fiber, three phase electric, real roads, an active neighborhood ISP that keeps the network current. 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.