SHould I just pass on this old property and look into new construction?   

These two data points help us understand the demand for new construction homes in terms of size and price.

You're situation could be far different, for me I am looking at higher construction costs than you have (most likely) and deals in the area I can put 20% down on as opposed to using the money for another unit. 

Recently, my wife and I came across a new home under construction, set to be completed early next year.

Since you're talking about a leak...Did they have a plumber inspect or a roofer inspect?

Inspectors will check for leaks, sagging, or missing shingles, particularly in older homes.

I paid cash for the lot and am looking to finance the build through a construction loan. 

Ask for no prepayment penalty in case you entitle it sooner than the three years and want to get a construction loan. 

Its tough living in a construction zone but it can also offer you both an investment, education and place to live for the time it takes to complete the renovations.I actually started by using private money (people I knew who had money) and used them as lending partners.

Hello all,I am currently pursuing a Master’s degree in International Real Estate and have 17 years of experience in the construction industry in my home country.