Think 5 acres per animal and you'll be ok. You will still have to feed though... Mid September to May you'll be buying hay and depending on the year you may have to supplement through the summer too. We had 4 horses on 20 acres and it was always eaten into the dirt... You have to remember that on an acreage you lose your building envelope, yard and driveway. So 4-5 acres is more like 2 1/2 - 3 1/2...
I'd say your looking at a 60k investment for 3 horses, saddles, tack, a very simple 4 stall metal barn, trailer and basic 4 strand fencing on a 5 acre piece.
Yearly costs are in the neighbourhood of $1500 a horse (farrier, vet, round bales (cheaper than squares), worming paste) more if you feed squares or hay prices are up... Also a small tractor to clean up the manure and feed bales can be had for under 10k for an older good used one.
We bought a quarter and don't have to worry anymore.
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