Not knowing details of location, is there shelter, how does it lay, etc it is difficult to say much worthwhile. However I would not let anyone take hay off off it unless they are willing to replace the nutrients removed which is unlikely.

You could rent it out for pasture but I doubt that would bring in enough to even pay the taxes on it. 

You say it has good perimeter fences and I assume water.  And especially if you will be living there at some point I think a good use of the property would be to run a few cow/calf pairs yourself if you are so inclined.  Run a hot wire on 5" standoffs all the way around the inside of the existing perimeter fence and run simple electric wires to subdivide the 10 acres into paddocks. A hot wire on standoffs keeps the cattle from pushing on a fence and using the perimeter as your power source you can then do all sorts of layouts. Put in a central corral area with easy access to the road. 

If you have say 8-10 spring calving cows, sell the calves in the fall and purchase your winter hay for 8-10 cows, you would eventually have say 8 600-lb calves to sell every fall. 8x600=4800 lb of calf to sell at say 1.50 = $7200 gross income. Subtract maybe $2,000 worth of winter hay for 8 cows (depending on where you are located) $500 vet in a twice a year preventive medicine/preg check program. And maybe another $500. to rent a bull or preferably share with a neighbor, and another $500 for mineral and misc. 

With rotational grazing and depending on you location you should be able to run 8 pairs or maybe 10 over the summer.  Move them to fresh grass every 3-7 days and it is amazing how much beef you can raise per acre.

So you might end up with something around $3000 net for your efforts which is more than you are going to get renting it out and you will be building equity, knowledge, soils.  And as I tell my wife, my cows are cheaper than a psychiatrist. All the best to you. Happy New Year.

Jim at Dawn