Over here, there are developers that sell farm lots for the weekend farmer. Normally, the farm lot is 1 hectare and comes with an access road and water connection. Mostly do not have electricity in the vicinty and that is okay because it makes for a farm atmosphere. I have a friend who bought one and I find it good because all the neighbors are farms too. Everywhere you look are farms, green, trees, fruits, vegetables. For one who likes gardens, that farmlot is a good investment.
So what is the financial angle from buying one of these farming lots. Is it just to grow your own produce on it (either for your own consumption or for selling?) or is it also possible to buy one of these and then rent it onwards to others? That might not be a bad business idea as long as there is demand.
Buying and renting the farm even if it's a month or two at time can be good business. If someone is interested in farming but they'd don't want to make any commitments [or just seek the "thrill of farming"], they could rent the farm, and try their hand at farming and once they tire of it move back to wherever they came from. All you need to do is float the idea around first and see the responses you get before investing in the farms.
I may have erred in the title. It should include the word Investing. I agree that you wouldn't buy a farm for the produce unless you are a farmer. And over here, farmers don't have the money to buy such farm lots which are semi-developed. I know of someone who bought a farm lot a long time ago. He planted it with fruit trees thereby converting it into an orchard. But the planting of trees was not haphazard, it was designed for the future owner. When the trees were fruiting after 5 years, the farmlot got a good price when it was sold.
Farmland is one of those hot investments--depending on where it is located. Farm land is typically at a premium for larger parcels, but small family farms can be bought at a good price. Just be sure you're not buying farms in areas where drought can become a concern or problem later on down the road.
The farm lots that are popular here are located in towns in the nearby province of Rizal, about an hour or 2 from Metro Manila. The come on is a weekend farm where you can relax in your garden. Some farm lots come with a native shack where you can store your garden implements. It is getting to be a craze with the rich who are nearing retirement or have already retired. With a 1 hectare land, you can even have a swimming pool.
Assuming the property has water access like you stated, you could minimize liabilities by setting up a hydro-electric rig and generating your own electricity. There are many tutorials on how to set these types of things up on Youtube and it would definitely be worth investing your time in.
I have a rich friend who dreamed of owning a small farm not for the produce but for the novelty of being self-supporting when it comes to power and water. He built an artesian well in the land he bought and he had installed solar panels that would take care of the lighting and some other electrical needs like running the electric pump for the water tank. When the design was put into action, it was a flop. Solar power is not that reliable and efficiency and durability of the solar panels are not guaranteed.