In most instances one cannot purchase the vacant land, install utilities, design and permit and construct the square footage for the same price.

But maybe square footage is skewing the number as the house is two story and larger than the comps?  

It's a small house not sure on the sq footage or bed/baths at this point but for 10k for a lot in the city with a house on it...  

For a simplified example, say we have a 10 tenant building and each tenant is renting the exact same square footage.  

Is it by square footage of the damaged area vs. # of holes?

Square footage of the home, how spacious you want your kitchen, certain rooms, etc.

Kitchens and bathrooms generally get you the best return on your money (short of adding square footage).

Trevor, you do not provide many specifics on square footage, bedrooms, school district, and neighborhood so it is probably impossible to answer your question accurately so I will not try. 

Firstly I really enjoyed reading the different view points on MTS from each of you!

There is a minimum square footage to build on foundations that is well above what is generally considered a "tiny house".