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Sleazy, there are a few things you have to look at with land:
Desirability and accessiblity combined: Lakefront is nice, but do people actually go to this lake (and are there other properties developed around the lake)?
Zoning and restrictions: There may be restrictions requiring very large lot sizes, which would make developing it almost useless. There may also be restictions on water access, on setback from the water, and year round / seasonal only restrictions... this can include the roads and acccess ways not being cleared in the winter.
Electric / water / sewage / septic: Some places will not permit septic tanks within X feet of a lake, some areas will not have power or water at all, etc.
Taking all of those things into account, and considering the potential to change any negatives (such as getting the county / area to maintain the roads or to to have S&W extended into the area, example) versus what you could potentially turn the area into. If you can guy 20 acres and build 20 lake front houses on 1 acre lots with full s&w, then you might have something great... otherwise you might have a very marginalized project that only works if you can tune the variables.
Good luck!
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