New Construction Vs Buying Existing Multifamily

[Josh Urrutia]

Wondering what everyone is seeing in terms of multifamily new construction costs vs buying existing. I'm seeing some really good deals on land near me, but have never ventured into the NC world. Multifamily properties for sale are few and far between and the ones that are available are overpriced to make any kind of margins. I'd be interested in starting with a couple 4 plexes to stay in the residential side of things but not sure if building new would cash flow. What am I looking at ballpark for a mid-grade finish 4 plex with 2b/2ba units on one story or two? Any contractors or investors have any experience with this? This would be Central IL, 90 miles south of the burbs.