The photograph shows College Hall before the land around it has been fully cleared. College Hall was the first building completed on campus.
The front reads, "Michigan State Agricultural College, 1858." The back notes, "College Hall from N.E."
The school was established in 1855, but classes didn't begin until 1857. The photo caption ends in an 8, but it looks like it was overwritten with a 7 (The headline on the archive page says 8). Given it was the campus' first building, I believe it has to be 1857.
You can still see a bunch of tree stumps around the building. I imagine this is one of the earliest photos of the actual campus.