We are still under construction but we ended up having to do everything including sub flooring, attic, roof, HVAC etc.

I currently work in construction and have some experience in all aspects of building.

So, if interest rates are a buyer’s primary roadblock, then I recommend negotiating a rate buydown at a seller’s expense or looking at new construction, where builders are offering rate reductions and other substantial incentives.

Hello Bigger Pockets,I've been in construction for a little under a decade now, and I know what it takes to build a house from the ground up.

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

I am new to real estate investing and was looking into taking a heloc on my primary to purchase land and do a construction loan.

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. 

I think the best bet would be to surface it to all the local investor groups here.

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.