Good morning, as you analyze a deal, how important is price per square foot or where does it fall on your list of factors going into buying an investment home?

Kwon, I am a strutural engineer in Los Angeles so I can give you an idea on new construction costs.You can expect to pay $150/SF (square foot) on the low end and upwards of $400/SF+ on the high end. 

Think in the terms of “is this room that I don’t really use this much worth $xx per square foot monthly to me?”.

BINGO!

This is a longtime dream for both of us to finally get into and we're excited and want to get off on the right foot and really be successful.

It sounds as though you have high ambitions and are definitely on the right foot as well.

You want to make sure if you hear a cost per square foot that it is actually comparable to the project you are getting estimates for as far as types of finishes, labor (did the person do any of the work themselves, etc.)

BTW, I just met with a local contractor where I am and he is building a 700 square foot room addition and a 900 square foot garage for me. 

Maybe you’ll find a running toilet or otger leaks.If allowed in your area, consider implementing RUBS or per square foot unit size or per bedroom or per occupant utility bill splitting effective in 30-60 days.

It's possible this house 'needs no immediate repairs' but will be costing you a pretty penny in a couple years when you have to foot the bill for all those capex repairs/replacements.