I made an inquiry to the realtor weeks ago but never got a response, so sent another one today. The girlfriend and I are interested in property up north and I thought maybe this would work for us.
I'm leery that the airport would be sustainable in the future. From the images I've seen, the runway looks to be a simple strip of asphalt and isn't in the best shape. Expanding it in width and length looks troublesome, as structures are rather close to the landing surface. I'm curious what insurance the owner currently carries and whether it would be prohibitive to get (Is the airport currently "naked" to lawsuits?). It's likely that every airplane using the runway, including visitors, would have to provide proof of liability insurance before operation, as other private airports require.
Since it has no (and isn't eligible for any) FAA funding grants for improvements and their associated agreements, the city or county could zone it out of existence if anyone gets the idea that it is inhibiting surrounding development. One incident with loss of life would give the excuse for an astroturf campaign to "get rid of that dangerous airport and its uncontrolled airplanes" and there'd be no FAA support to stop it from happening.
Still, I'm curious.