How do the numbers typically look when comparing a new build vs. rehab on <25 Units?

[Greg Christensen]

I've had single family properties for quite some time and have been straddling the fence on buying some smaller multi-family properties.  With the interest rates where they are, and the demand for housing so strong, I've not found anything to buy that fits my conservative risk profile.  I'm not very familiar with development and building costs, so wanted to hear from some experts here to learn how the numbers compare if I were to buy some land and have units built new, vs. buy some existing units and rehab them.  

I understand there are lots of variables, so many "it depends" answers, but I'd appreciate the perspective of those who have weighed this comparison for their own situation.  Some of the pros and cons, and ultimately how did the numbers stack up.  Given I don't see many smaller apartment projects in development, the advantage leans towards buying existing units or going for scale and building new, large 100+ unit properties.

Thanks in advance for insights.