Is a day trip by car to Baja California feasible?

I've never been to Mexico. I got the idea of driving into Baja California with my wife and kid for a day trip and coming back this winter and just based on driving times it looks fine but of course that's not really accounting for border crossings.

The information also seems confusing as far as what documentation I'm supposed to have to bring my car into Mexico. We all have passports and I don't have a lien on my car, which seem to be things that are important.

Anyway, any experience? Feasible? A good idea?