Or the house construction industry in general where they build for $X and sell for $X+margin?

A lot more important compared to newer construction homes where you don't have to deal with certain things when it comes to either of those.Many other nuances but those are just a few that come to mind.

We had a house on the Deschutes River in the subdivision we were doing a spec new construction house in.

Nor can they see any construction plans to assess true value.

for all the responses, they have been very constructive.

Is it common for developers to use subsidies to cover 100% of the construction costs without needing to obtaining debt or raising equity?

I bet that essentially no one is starting new construction projects, which bodes extremely well for owners 2-4 years from now.- Prices for insurance policies will never go back down, but it is not unreasonable to expect costs to rise at a more predictable pace from here.

Build sleeping pods that are mostly soundproof (double walled construction) and ventilated. 

Things they did bad which I wish I had asked more information about:Never involved in the screening of tenantsThey recommended keys for cash by waiving the rent amount buy only collecting fees which they would get not meThe cost to evict is 750-950 yet other companies told me they will include eviction in the priceThe tenant didnt pay in full last month and I was the one calling out to them and asking questions then a few days later I get an email saying something happened with the tenant and they are investigating.You get passed from person to person every week or so.No one told me when the construction was complete and so the house was ready for a week and the post to zillow and other sites was not done.It took them another week to take pictures and then another week to upload it.I was paying 200 dollar a month electric bills while the house was vacant because they left the AC running in the empty property.

@Brady Bitter since  you are buying new construction what makes you think you are getting 25% equity.