New multifamily project in somewhat rural ohio

[Derek Rice]

I have a 1.5 acre multifamily building lot in a good area of a rural city, Wilmington, Ohio. The economy there is in a decent state, and it is within an hour drive of 3 major cities. Dayton, Cincinnati, and Columbus. There could be up to 21 units built on the property. I would say they could rent for no less than $600. Possibly up to $900, but they would have to be done with a little bit better than regular apartment finishes to bring that rent. There haven't been any new multifamily projects around here since before the recession. Amazon just announced that they are going to start using our large county airport as a sorting hub. Would it be worth it to build new apartments in a rural area such as this? Does anyone have a guess on construction costs for basic apartments these days? What cap rate could be expected for value when they are done?