The cost of other (non-new construction) houses in the neighborhood have no relationship to the cost you'll incur to build a new house.Your costs will be based on a lot of factors:- Location- Level/type of finishes- Style of house- Size of house- Whether you GC it yourself or hire a builder- The types of contractors you use- Your negotiating ability- How strategic you are with your designs to keep costs downI've built houses for $60/sf, and I've built similar houses in other locations with different contractors for $90/sf. 

That area is long gone and is only good for new construction at this point.

Here it is:Last week I called up a family friend who has been working in real estate for decades... he's an agent, owns his own construction company, and is getting old :)I wouldn't call him a sophisticated investor, but he has the skills I lack and I think we're very complementary.

Thus, two veterans may purchase or construct residential property consisting of up to six family units (the basic four units plus one unit for each of the two veterans), and one business unit.Does that actually work in practice as far as you know?

Also, pay attention to the amou t of renovated homes, and homes under construction in any chosen area. 

If it's a deal with meat on the bone somebody else will buy it it this guy doesn't.

scott yancy is  yet another clown trying to screw people over, there are several on this website actually trying to become the next "armando montelongos"......the truth (from someone who has flipped many house successfully and has yet to lose money even once doing it) is that one can learn everything they need to know by attending any number of real estate groups, and/or copying off those that are already successful. read books, learn everything about construction, buying houses cheap, selling houses sucessfully,...plus everything else....ha

Originally posted by @Dayron Burgess: what you mean This is going to sound fairly negative, and I really don't mean it to, and I really am trying to give some constructive criticism here, but everything about your post is wrong. 

I live in Ca. and invest in Texas, able to do so with excellent property management, construction/rehab contacts and financial connections.  

BTW: I'm creating an "Paramount Real Estate, LLC " entity for the purchase that Paramount Construction, LLC will lease from.