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 - A Farmall Restoration Story - What's Been Done So Far - by Sean Brinston. This is a story of my first real tractor restoration. My name is Sean Brinston and I was 15 almost 16 at the time of this.My neighbour directly across the road who I had helped with hay all the time had this tractor sitiing at his house for what I thought was 6 years. Finally I got the money and courage to ask him. I phoned him and he said it was already sold, eight years ago!
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