@Rita Naga...there's too many factors you're not mentioning and I agree with both @Marty Johnston and @Chris CambridgeJust back of the napkin off the numbers though running backwards - if your NOI is ~$86,000 and rents are $595 now, then just guestimating at a 45% expense level, this is ~20-22 units??

It's important to factor into how long it could take to get contractors when buying in the area, especially as we get towards the colder months. 

Most of the "tasks" to consider here are the following: Zoning/Permits- Biggest factor here is time/Architect and possibly engineers for underpinning.

Than run numbers both ways and you’ll of course have your an answer in terms of net worth that factors in risk, inflation, appreciation, and other assumptions.Do you want maximum cash flow?

My only real expense has been electric and water each month at less than $30 and a years’ worth of taxes that will be $3600 and which I’d factored into the total cost.

If you are dead set with tackling this project solo then I suggest you factor in a decent amount of contingency cost and extra time for the project to run over.

Obviously price, but other factors such as DOM (days on market). 

@Jennifer PetrilloThere are many factor that could contribute to this.  

Another factor is reluctance to return to hotels, combined with hotels being slow to reopen.

I would say new construction may be a little more risky right now due to those factors.