Keep in mind that you would have to get permits and such for a project like that. 

This figure includes the construction of the building but excludes land acquisition, permits, and other associated costs.Cost per Door (Unit)The cost per door, or per unit, in affordable housing projects can also vary widely based on the specifics of the project.Average Cost per Unit: Recent affordable apartment buildings built using public funds, such as Metro housing bond dollars, have cost between $412,000 and $522,000 per unit.

We really can't tell you anything based on the information offered, it depends on local laws, costs, rents, materials, permits, etc.....

There is money in buying raw land and getting it permitted for build with plans and flipping it shovel ready 

I will look into permits etc.

How were the prints approved without permits?

He said contacting the lender is critical because the sale can only go through if they permit it  And they may have additional fees. 

Of that 50M, 25M was allocated for the construction of a new recreational faculty that has since been completed.

Rehab permit required2.

That permits you to easily transfer the bills if the unit becomes vacant and monitor that each tenant is actually paying the bills and keeping the property in working order so to speak.