I think I agree with pretty much everything every previous poster has said.
We're "updating" a hundred-something old brick farmhouse and enjoying 10 acres of land. Our situation was that we knew we wanted to raise livestock and live on a small farm, but we also knew we needed to work off-farm to make the money we need for our life circumstances...and eventually the right farm came up for sale, at the right time, and we took the plunge. We definitely have spent more than we'd have thought...luckily, the well and septic are good. But we had to tear down to studs and start over upstairs, and replace a lot of windows. We still have a roof, a bathroom, a chimney and woodstove, and additional plumbing work to do--just to have it up to basics. There's wood refinishing to do throughout the house, and a lot of painting. Plus, we're working on the farm part, which meant installing fencing around all 10 acres of pasture, baling half the acreage last summer, cleaning up junk piles and hauling to the dump, buying an old tractor, tilling up two large garden plots, and adding livestock. We're hoping to plant an orchard this fall.
So yes, it has become much more complicated on its way to simpler. Stuff just adds up. Of course, we could take things much slower--and who knows, maybe in another year we'll have just a couple major projects left--but we aren't the youngest people around and we wanted to fast-track our way to the slow lane.
So, think about that. Consider all sides of what you want to do with the place. Figure out pricing on the farm stuff as well as the house stuff. Or, could you wait and just fix the house before starting the ag side? How patient are you? How much risk and stress are you willing to take on? Everyone has their own right way. And plenty of people don't find it, end up frustrated, and give up before they have a chance to succeed.