As far as the cost, it totally depends on where you are. If you are near Atlanta, you could get a king's ransom for the property. Horse board (even self care) is hundreds of dollars per month per horse. If, on the other hand, the land is in Ludowici, you may not get so much. If you don't make some kind of profit, it is not worth doing because there is going to be some aggravation involved. The electricity and water will cost you something. If you can't get a couple of hundred dollars a month, you should probably find somebody else to rent it.
Deer hunting land goes for $15 more or less per acre per season. That is different. It doesn't cost you electricity, water, or really anything.