Depends on if you are hiring a builder to build or if you are the builder yourself. 

Here is one piece of advice When looking at areas to invest in check out this website https://www.areavibes.com/ its pretty cool it gives you a total livability score and rating for that areaBest of luck!

From what I understand it’s neighborhood dependent up there.

It depends on the area, and relevant comps.

If that's not an option then it depends on what kind of investor you want to be.

It might even work if you don't house hack, just depends on how much rehab is needed.

Most will cover up to 100% of the renovation costs and 70-90% of the purchase price, depending on factors like the type of property itself, your experience, credit position, and the lender’s specific guidelines.  

A lot depends on an individuals motivation, dedication, learning capacity, decision making capacity, analytical ability, time available, support system, mental state, and yes, luck. 

It’s not a bad idea just depends how much effort and $ you want to put in.

@Mike Levene cost to build per square foot is $200-$300 depending on finishes.So, you can start with that.