Need Advice- Vacant lot, want to develop property- Colorado

[Jacob Camilliere]

Hello All, 

New to real estate investing but not new to bigger pockets. I have a potential deal that i need help analyzing. 

Some background: A relative of mine has owned a vacant lot in a developed community since the 80s. It is located just north of colorado springs. All of the houses were built in the 80s and 90s and this is the ONLY vacant lot left in the entire development. My relatives constantly get called from real estate agents offering $125k-175k and they have no interest in selling as they would like to either leave it in their Will to their kids or keep it in the family. They would be willing to sell me the property for $100,000. Houses in this development sell anywhere from mid 400s to high 600s. 

My question is should I purchase this lot and build a home on it to sell? I'm in my mid 20s and can afford to purchase the lot outright but dont know if i would be able to afford to build a home to sell. Some additional questions.. How are construction loans typically structured? What is the average cost to build a 5/6 bedroom home outside of denver? Would it be worth it to buy this lot? 

Any other tips or suggestions are welcome. If you need any additional information please let me know. Please excuse any typos.