I don't do hay but know several people who either barely break even or lose year after year, even when the land is free and equipment is already owned. Keep in mind you are probably still paying for the land and have not bought hay equipment yet. Another thing is the first couple years are going to be bad before you get good hay unless the acreage is already a maintained hay field.
Maybe consider leasing out, could make a few bucks on the hay and keep things kept up, that is if its just going to sit there. Obviously some people make money doing this, just don't believe it would be cost effective on a small acreage like that.
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