There is a large gulley on the backside of the dam where some water can go, but about 100 feet or so behind the dam is a county road and a neighbor a few hundred yards to the opposite side.

Needless to say, if a quick break were to happen, there's quite a bit of water that has to find somewhere to go. Insurance will be a must on the property, but hopefully the report from the inspector will come back with good results.