The Rod Noddenbury thing? Yeah, its basically a composition of stuff from previous E's.
There are actually a few different ways to skin the cat of "player owned stuff."
1) You can do the retro thing and cost it all out in gold etc. This is fine but really tedious for most players (and DMs). It also has a significant problem in interacting with 4e's character wealth system. The more detailed your economics gets the harder it becomes to keep it believably consistent and yet keep characters in the zone on how much gold they have around.
2) You can make it a more abstract system. There are a bunch of similar approaches to doing this.
One would be to simply fiat that property is revenue neutral. Your land collects N taxes and it requires N upkeep with a net gain of 0. If you think about it, this is in the long term pretty logical, governments don't make money, nor can they actually lose money except in the short term. In the case of a business kind of property it obviously isn't quite so much true since hopefully the point of a business is profit. OTOH its an adventure game, not a business simulator, so unless the PCs really want to play accounting 101 its still a decent way to go. They can have plot hooks, but there's no long-term profit involved.
You can make owning property an adventure in and of itself. The DM puts various skill challenges in front of the players related to their property. Success nets treasure, failure can cost some. This is all pretty much within the bounds of what is normal for SCs anyway. Of course these don't HAVE to be SCs either. They can be full adventures or whatever the DM wants to make of them. The property then basically just serves as a vehicle for explaining how and why the PCs were motivated and the justifies the resulting riches (or lack thereof).
The only final challenge that exists is explaining why the PC can't simply sell their property and use the resulting loot to stock up on magic items, etc. The usual (and I think best) answer is that a Medieval style economy simply isn't a cash based system. You can't sell your farm because its a feud. You can't sell your business because charters and guild standing and such aren't fungible either (IE the Middle Ages didn't have a concept of private property like we have today). Ergo you really basically can't transfer property readily. Its possible, but requires a whole lot of jumping through flaming hoops, which magically nets you a return remarkably similar to doing the same amount of adventuring...