So, as a rule of thumb they might be considered at half the value per square foot as above ground space.

Same as @John Underwood, @Diaz Principe Nicolas.I would love to get more off season bookings but there ins't much call for a iced in lake house with a foot of snow on the ground and the lake being frozen over.It is fun to see how many turkeys end up on the deck and to watch if wolves use the frozen lake to move around.

In this approach, the taxpayer calculated that the cost to construct a new building (say, $300 per square foot at 2,000 square feet, totaling $600,000) should be allocated to building and the remaining balance of the acquisition should be allocated to land.Rule of thumb method: Some taxpayers use a predetermined percentage (such as 80/20 percent, 70/30 percent, etc.) for improvements and land.

Here’s an example of what I’m talking about; in 2020 my partner and I purchased a 9,965 square foot office/warehouse which had just been vacated by the tenant, for $625,000.  

Conservatively estimating new construction costs as $300/sq foot, the new duplexes could cost about $600,000 each to build (plus interest costs).

@Dalton Foote I purchased a vacant lot a few months ago and am looking to build. 

Most building codes by nature will not approve a home that small, most have minimum square foot requirements.

Weekends brings in people visiting family or going to a foot ball game and week nights is mostly contractors or other blue collar groups needing a place for the week that is nice but cheaper than a hotel.

I am not here to save anybody, I am simply telling the youngster here's a hand up not a foot down.

I am at a point in life I like the lazy river investing strategy not the rollercoaster ride.Love that lazy river analogy, maturation in your investment career allows you to take the foot off the gas and coast a little more than the early stages.Is your debt fund a 506c?