Look at the rate they tear down or rebuild homes being purchased in the. $250-$280s.

I am that investor who wants to rebuild these areas and create a neighborhood that would want people to raise their families.

Coverage for less than full replacement value, this will bring down your premium but in case of a complete loss you won't have enough money to rebuild, you'll just have to plant some nice flowers.  

The problem Im having is the 2 companies I have talked to so far came back with insane rebuild costs.

I have some questions to ask, my credit is not in a good shape should I start off rebuilding my credit before doing any type of business?

@Anson Young When asked why Donald Trump was able to get a 40-year tax abatement for rebuilding a crumpling building - he responded with "because I didn't ask for 50".  

Instead of rebuilding the property I would just buy another.

I do most of the work on my cars myself and that includes swapping engines, rebuilding transmissions etc.

People are in this area because they are either a) stuck at this level or b) trying to save money/rebuild credit.

I will just have to cough up the money and rebuild with my 9 to 5.