Your insurance is going to be highly variable and I wouldn't use what an agent or the seller tells you as the cost of dwelling policies have increased substantially over the past few years due to rising new construction costs. 

I have worked my entire career in construction and last 2 years performing entitlements, permitting, and construction for industrial developments along the Wasatch.

@Chirag Mehta For construction costs, you should be around +/- $100 PSF which would include all sitework, utilities, and going vertical with modern finishes.  

I know what exactly it takes to obtain a post-construction permit to bring any un permitted structure into compliance.

As a realtor specializing in pre-construction, commercial, and investment properties, I’d be happy to answer any questions or help guide you through the process if you’re interested.

Budding new investor which is great since I'm also working for a real estate lender for both commercial & investor with construction services. 

Hey @Renee CossGreat that you caught the STR restriction before starting construction! 

One way to do this is with brand new construction.

My name is Jewett Richardson, and I’m a recent college graduate with a degree in Construction Management.

New construction is also a solid option because everything’s brand new, and you’re less likely to run into issues with maintenance early on.As for research, I’d focus on the local economy and rental demand.