80 acres enough? Based on what you are telling us? A small income to supplement another job? I would give you a tentative yes because I do it. I am a middle aged CPA with my own practice. It pays the bills. The farm generates a positive cash flow each year if I do not count in my constant equipment purchases. I tend to buy older equipment with relatively stable values and then religiously sell it when I am done with it for at least what I paid for it. Nothing rusts in the fence rows here. For this reason I do not get too excited about factoring in equipment cost expense (depreciation) when calculating if I am making money. I also don't factor in the cost of the land. Taxes and insurance yes, purchase price no. I just use operating costs against operating expenses and I always come out ahead. I will also add that I do almost 100% of my maintenance and repairs.
From someone who is 11 years ahead of you on the timeline of your plan, let me tell you that time is what will be your biggest issue. It takes a lot of man hours. In order to make it cost effective, you need to really work it yourself and have family working with you. Even so, don't expect riches other than what you take away from the experience.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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