New Construction considerations.

[Matt Edlin]

Site- I bought a buildable lot with potential mountain views in Kitsap County for $20k. Now I want to build a house on it. Site will require septic and well. Electric is at the road.

Experience - I did a DIY flip of a 1937 house in Bremerton. Completely gutted it and redid all plumbing, electrical, drywall, windows, insulation, carpet, all new kitchen and bathrooms. A total redo. I did about half the work and my roommate did most the rest. This took me about a year and a half. I was living in the house. 

Financing - I own a 1964 built home that is work 280k. Current mortgage is a 3.5% 15-year with 10 years and 95k left. I can get 130k on a cash-out refinance as a Primary Residence at 3.8% 15-year. I have about 30k in cash already to add to that. Plus my wife and I have rather large salaries. This should be cheaper than a construction loan. 

I am interested in being my own General Contractor and hiring out most of the jobs. I would do the windows and doors, roof, site grading, siding, and paint myself. I would contract pretty much everything else. 

Looking at building a 1500 square foot 3 bedroom 2 bath. 

Having never built a house before, am I way off base to think I can build this for under 200k?

Matt