Question regarding townhouse development & investing

[William Massey]

Hello again BP Houston community! My wife and I are new to the Houston area & are homeowners in our home state/city, but are renting here in Houston. I've been continuing to read and learn here on the BP forums & website. I had a question that I was hoping those with knowledge of the area may be able to answer. 

We would like to become homeowners (again) within the next year, at the end of our lease. We are interested in owning a townhouse in the area in which we presently live (Northwest Inner Loop), but we are also interested in investing. I have also been reading about the benefits of house hacking, and was wondering if it would be prudent and/or worthwhile to purchase a plot of land and build say 3-4 townhouses and live in one, or if that would be viewed as a commercial endeavor. Also, does anyone have any insight into the actual cost to build (price per square foot)? Just a thought and very well may not be worth pursing, just brainstorming.