I would be happy to answer any questions on quality of location and/or properties, or any other question you might have. 

Here in Chicago, you should expect a range from $200-$275/SF, depending on the location, experience, labor, and material finish level.Are you in a position where you already own some land, or what is your current situation?

And what state and town is it located in?

I'm wondering if you can help advise on this situation.My mother currently resides in a property located in Los Angeles County.

I am going to assuming it's a nice house if it was your primary residence and it's in a nice location. 

I'm actually located in Illinois. 

The location is in a booming area of McAllen, Tx with almost nowhere else to build and rents have blown up the last few years.  

Knoxville isn't a luxury market. widen the gap and do new construction. find infill plots of land in better locations and have more control. work closely with a builder who Is working with investors. we have flippers who did hundreds of flips then they graduate to new builds and say it's much easier. if you have the balance sheet you'll be fine. budget 20%. new construction commands a 20% premium and is much easier to duplicate Over and over and much less risk. 

I'm located in Lewes, DE but the joys of the commercial world I can help make deals happen all over!

@Rosette PooleRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?