Demolition of Blighted House(s) and New Construction

[Jeff Foulds]

So I'm considering buying that boarded up house (and maybe the one next to it too) located in a good area of town not too far from me... any pitfalls I should be aware of taking on a full-demo aspect of a deal and then new construction? This would be my first venture into new construction & full-demo aspect of real estate investing.  It appears to me that the foundation is sound (slab), but of course, I'll have a professional check that out and be getting multiple bids for everything for that matter. It's sitting on a 50'x100' lot which is typical here. The home is completely boarded-up, no utilities, and I imagine needs significant work.  The basic style of the house (brick/ranch-style) is out-of-touch with this micro area where new construction have been popping up all around on open lots mostly (2-story raised foundation w/ wood siding selling in the high 300's/low 400's is typical)  Haven't seen in a while folks going after in-place boarded-up homes, however.

I would appreciate any feed back and thanks!