Should I build on this lot? Does the math work

[Joe Coon]

I purchased some land for my buisness and I have some room left over I was thinking about putting a modular home on the other side of it. Im in the stages now of getting some prices together, im trying to debate if its worth the cost vs them rent, with everything brand new i assume i don't have as much expenses to calculate for as far as repairs and maintenance for the first few years. The home is going to cost somewhere around 220-250k after everything is said and done depending on the septic needed. The rent in the area is around 1800, this leaves a few hundred after mortgage and taxes roughly 1500. Is there enough extra to really make this decision? BTW this would be my first  rental it just seemed like since I don't need all the land it was worth putting a house on the other 2 acres. I should also note im more interested in the equity build/ long term appreciation vs the cash flow.  Also comp homes new in the area are going for 315 to 320k.