Here is a good opportunity to get in on the Texas Economy. This is an entire city block in Axtell, TX with a 1,500 sf frame home that is currently leased for $850/month. Axtell is less than 12 miles from Baylor University and the Magnolia Silos. The total site area is 1.92 acres.
I think OSSF requirements would limit you to 2 additional homes due to the acreage but you might get a variance for a third. This is a pretty lot on the east side of town. Price has been significantly reduced from $225,000 to $169,500.
House is currently occupied by tenant and I have not been inside yet. House rents for $850.