Is anyone buying lots and building new? Raleigh/Durham/ChapelHill

[Gennaro Coscia]

I'm looking at land and building new but trying to measure cost vs return(these would be rentals). I can't seem to find builders under $150/sqft. That's fine in some areas but not in others. Do home builders base their price/sq ft on where the property is vs what they are building? Just trying to see if this is a viable option in this market.