Take it from me... buy as much as you can take care of. I purchased 5 acres, 2 of which is heavly wooded... 3/4 acre pond and the rest is grass with moderate trees. Its a pain in the rear if your doing it alone since its contant maintenance. But as much hard work it is; in our busy lifes, its well worth it.
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OH YEAH! I never said it would be easy. Life on a homestead is constant maintenance and work but it's very rewarding work. You get what you put into it. Great Comment!
We just purchased a 7 acre property and I am a little worried it might be a lot for us to handle. The previous owners have the entire property as a lawn. I don't want to mow 7 acres of lawn that is for sure. Very good piece of advice to only take on what you can handle. So, for us we are going to be turning some of the property into garden and pasture for free range chickens. Maybe in the future we may try to take on a beef cow or two.