The numbers quit working about a decade ago with rising land prices. There is absolutely no ranching land available anymore that can pay for itself. Even out in desolate places like Benjamin, the land is $1000-1500/acre. But it takes 40 acres to run one head.
I missed out on a place in 2006, that I was going to buy instead of building my house. It was 320 acres (half section) just south of Cisco, with 319 acres of it in Coastal, it was beautiful, and only $1750/acre. The place had a few old plugged oil wells on it. I was going to drill out the plugs and replug below the water table, and use those wells for irrigation. It already had irrigation pipe, all I would have needed to do was buy compatible pumps. Dad put his pencil to it, said I could probably clear $75k/year. I told him if I spent that money on pumps and fertilizer, instead of cattle, and could cut hay every 28 days, and could get six cuttings at $50/bale, I could pay off the place in a little over three years. It was a drought that year, and hay was going for $150/bale. I could have probably paid it off in less than two years.
I called the realtor, he said the place had just sold, but he had another like it. He sent me pictures, it was solid brush. Would have taken a couple of thousand an acre to clear it, and probably $500 to sprig it, and years before you could cut hay off of it.
CHIEF