As long as you can work on your own equipment it's a great way to go. I have about $3500 into my setup (IH B275 (38HP), JD 24T baler, Kuhn 2 basket tedder/rake and a NH 451 7ft sickle). I geared up to do it so I could cut our 3ac pasture + our school field (4ac) at the right time since for obvious reasons we coudn't get on any custom balers high priority list.
This year I leased the neighbors 15-ish acres and pulled 1300 bales off on the first cutting. We've sold about 250 bales ($1000) of it which covered lease and expenses and the rest is already spoken for to dole out over the winter to a couple customers (friends) who don't have storage space (another ~$4200), so all the equipment investment will be repaid in 1 year, plus expenses covered (if my time to fix up the equipment isn't counted). In 2 weeks I'll go for a second cutting and probably get another 300-500 bales which should be worth around $2000-$3500... I work full time so this is a hobby, and to feed our 2 horses. I should have kept better track of time spent this year, but probably have 4-5 days into 1500 bales.. I did staggered (by one day) cuttings of about 5 acres each and had a couple friends help pick up the 800 or so bales. For the rest, I figured out I can cut 2-3 acres on a Wednesday or Thursday after work, tedd the next evening after work, windrow it Friday evening and bale Saturday afternoon and get it on the trailer in front of the barn dark, leaving Sunday as a buffer in case things don't go smoothly, or for getting it up the elevator then resting if they do. 200-ish bales is a do-able pace if doing it all by myself, other than my wife driving the truck and kids helping pick up and stack on the trailer. I found getting help from horse owners is reasonably easy by offering to pay in hay (6 bales an hour), and a promise to earmark hay in the barn for them.
In 2 weeks I'll go for a second cutting and probably get another 300-500 bales which should be worth around $2000-$3500... that's just gravy, although I've got my eye out for a new (old/used/probably broken) side delivery rake... and maybe the neighbors old broken Vicon 8ft tag along disc mower (for scrap value).