Architect-Contractor-Owner building near Breckenridg /First deal

[Kyle Donath]

Good afternoon Yall,

I am a soon to be licensed architect preparing to purchase a lot a half hour drive from Breckenridge, Colorado in a thickly wooded, slightly sloping subdivision that sprawls up the mountainside with plans to build a small, modern and well designed SFR.

Some background on the area: Breckenridge was the most visited ski resort in the US this year, and constantly growing in popularity. Up the valley to the north is a heavily developed couple of mountain towns that serve the many resort towns of Summit County, leaving down the valley over a well plowed mountain pass to the south to be the only option for future development. The specific area I am looking toward is the Valley of the Sun Subdivision of Fairplay, Colorado, where lots are selling from $20k - $60k depending on how far up the mountain side they are. Higher up = less maintained roads in the winter, and this is a ski house, so access during storms is key. 

My plan is as follows:

-Purchase a lot of ~1 acre for $30k-$35k in cash.

-Building permit can be acquired for only permit fees, structural engineering, soils testing and surveying fees. I will provide all architectural services. Approx. $8k.

-Construction of new 1,000SF home - 2 bed 2 bath I will be the GC (will receive license for FHA loan), and my friends, father and I will be performing all of the framing, windows, flashing, most MEP, insulation, dry walling, painting, finishing. Subcontracted will foundations and limited MEP work. Estimated costs at $100/sf will be $100k funded via FHA loan.

-Comps in the area are selling at around 250K for cookie-cutter 1990s mountain lodge style homes that need updating. I am confident that the mountain-modern style I seek to design to will stand out from the competition in a positive way. 

-Total costs ~150K for a home I can conservatively sell for $250k and roll into the next property in the area, the following year. 

So, seasoned developers, what am I forgetting and what am I getting right? My current time to buy land is May - when snow is gone, and building could start soon after. Thank you in advance! I'll be active here to keep answering questions to clarify everything I haven't touched upon!