To build or not to build

[John Toerner]

I own 8 lots that are 30 x 90 and make up 1 big lot that is 240 x180.  The property does not have road access but has a right of way to build a road to the property.  If I build a full road to the property, I would have to build 240 feet before I would reach the corner of my lot.  I have never built a house before but am a little familiar with the construction process.  I bought a DSLD home before they built it and watched them construct it and live in a neighborhood that has had about 500 homes built in it in the last 6 years.  I would ride on my golf cart to the houses being built on the weekends just for fun.  I work with a retired man would can draw plans for houses and used to build houses.  He just built his own house.  I acquired my property at tax sale and have quieted title.  However, there could always be issues with title and title insurance may be difficult get.  I am thinking about building a 3 bedroom 2 bath house that is about 1800 square feet.  I estimate the cost to be about $200,000 based on no hard data but the DSLD house that I bought cost $270,000.  The builder told me that I could just build a driveway to my lot rather than build an expensive road.  I would probably build the driveway out of gravel.  I would like to do something with this land to make it productive.  I plan to build 3 houses on the land and build the house to sell or possibly rent.  I am renting out my DSLD home for $2,300 per month and I think that I can get close to that.  I like to own nice properties so I plan to use nice things in the house even if I have to rent it.  I am looking for any feedback on whether I should take on this job to build a house with the builder and if so, what should I be looking for that I may not be aware of.  I plan to build the house in Mandeville, LA.