Welcome to the group. It is a wealth of knowledge and fun, nice people from all over the world! You've hit the mother-lode with anything slipper (and those of us who love catts are well tolerated).
Too much! I have about 110 mostly catts (80), paphs (20) & phrags (10) under lights in a 9 x 12 grow room. Phrags are upstairs on windowsills. A couple of years ago, I lost 1/3 of my collection to virus, so that was a whopper of a loss. Fortunately, the plants that I lost were all $100 or less, so not as devastating as it would be now that I have many original divisions. In recent years I've moved to only buying virus free original divisions of nice things I want, therefore, plants (catts) can be a minimum of $150, upwards to $400. Between potting supplies, fertilizer, insecticides, virus tests, supplies really add up and then there are subscriptions, traveling to shows, etc. My lights are LEDs and only draw 600 watts for the whole room, but the water is city water that is run through r/o, so I often hear about how much water we use. My husband could tell me because he logs most things, but I'm afraid to ask... Last year it was just shy of $3,000 on direct costs, not counting elec., water.
I think I made about $225 with member sales at shows, which was the first time I tried that. I was surprised how quickly everything sold and will do it again. It's just a timing thing for me, as when I divide, I don't have room to keep the extra divisions, so end up giving them to friends, or shipping them off to the college in WI starting its orchid collection (they reimburse shipping which is nice and will give a tax donation receipt if you have proof of purchase and request it as not everyone benefits from that).
My room is overcrowded right now, so I'm being very selective about what I keep or buy. To keep it, it must be either an original division, be growing really well and have a really nice flower, or be sentimental/special (I only have about 5 of those). I'm decreasing the good, for the best because of space.
Oh, and your question about is $700/year a lot. If you can afford it and love it, no! If no to either, yes!