There really are a lot of variables. Due to a huge & catastrophic life change, I built a 10-ac farm for my 2 guys 2 yrs ago. I work full-time, so efficiency is key.
I did 2 yrs of cost & time spreadsheets, shopped with soil maps, & was very very picky. And looking back, I would no way have done it without being able to design it myself (bought fenced pasture, added modular home & infrastructure, ride on grass, built my own jumps).
I didn’t build stalls, I like my horses out 24/7 anyway, so that means NO stall cleaning, bedding, etc. I can shut them in the run-in if needed in an emergency, but I’ve officially divorced the pitchfork!! 
I run it myself & travel a LOT for work, so I designed very carefully so (a) all necessary chores can be done in 5 minutes or less and (b) someone else can feed the horses without touching them.
I chose location/community/neighbours carefully – one is a local event trainer, the other is another horse owner who I bought the land from. So I have knowledgeable, wonderful horse people around me who can also help with feeding, along with a friend who I help with other things.
Every single decision is based around ease of maintenance & use & #1 rule: ALWAYS RIDE FIRST!
So now my mortgage payment is the same as the house in town, but am actually saving money as I don’t have to commute or pay 2 board payments (boarding made sense for 1, not 2). I was doing most of my own management & buying my own feed anyway, so no change there.
I have more time to ride (eventer, when horses are sound), as I don’t have to go ANYWHERE except work unless I want to (I do have a trailer). I do have to spend some time on the tractor, just basic bush-hog & dragging, but I enjoy that, & pasture was healthy & well-established when purchased. When trailering out, I can hook up the truck the night before & just get up in the morning & go. And when I come back, I’m home – that’s an hr & diesel money saved right there, every time!
I have plenty of trails out the back gate & prefer riding on grass, so no arena costs. I can hack up my fenceline next door on the occasions when I want to school a full jump course or use arena mirrors.
A lot comes down to what your priorities are. If you want perfectly maintained landscaping, arena/footing, enclosed barn (thankfully not needed in our climate, one of the reasons I moved here!), etc, then yes, it’s going to be a heinous amount of work.
I’ve worked in barns my entire life & am creeping up on 40, so I took all the lessons learned from the years, tips & tricks & what NOT to do, & it’s worked out well. But I’m a “minimal, practical” type of person. And I still picked every brain I could nail down during yr of construction. I’m also a pretty decent DIY’er & can build/wire/look up on YouTube, LOL, most things we need. A farm is a 30-yr project anyway, that is never finished!
I’m especially grateful for it now, that as of last week, I found out my best buddy & older horse has an injury that means he can never do anything but light hacks. Ever again. He is extremely special for many reasons & I will never sell him (I’ve had him 10 yrs), so I’m so glad that I can have him with me at the farm every day, without having to worry about paying a board fee for a facility for a horse who just needs grassy fields & a smooth trail.
Sorry for the novel, but just wanted to throw out some thoughts – it can be a much simpler operation. It does take a lot of planning, a lot of patience, & a very hard & realistic look at what your needs & abilities are (I enjoy riding on grass in the dark, great feel exercise – some people would find this anathema, ha).
I never planned on farm ownership, but the journey never goes where you plan. Sure, there’s always weedeating that could be done or patches to be made, but they’ll still be there tomorrow (& get delegated in small chunks to weekends). In the meantime, I’ve learned even more about my horses as individuals, been able to tailor their management even better, & gotten more time just to BE with them without having to worry about driving home before it gets to late. Walking 20 steps is faster & cheaper!