Building at this time is estimated to cost $180-220 sq ft.This is very much a wilderness area still and unless you are inside city limits, there are few permits and inspections needed when building; which makes it even more important to have a good contractor.As for economy tanking, their are already some food threads on BP discussing it and I posted quite a bit about performance here during the recession.

My question is, if I can’t find a fourplex for a decent price, would it be viable, or even permitted to construct a building under those terms?

The residence can be a house, condominium, shares in a cooperative housing corporation, a townhouse, boat, mobile home, or recreational vehicle, but it must be used as your primary residence.

We have a great parks and recreation district, a historic downtown, great restaurants, shopping, our fire department is professional and very well equipped, our Sheriff's department is extremely well trained and staffed, we have hardly any crime.

Make an offer on a 3 bedroom 1 bath house in a desirable popular neighborhood that has a finished (non-permitted) basement w/ a full bathroom, sink, separate entrance outside & washer/dryer.

I would be more in favor of grandfathering those already in operation or a limited number of permits given even on a rotating basis.

Depending on how long you intend to hold it for you could lease it to some casual recreational businesses like paintballing, atv clubs, or maybe even camping.

@Eric Guzman is this being done under permit?

If you bring in the city inspector be prepared to have the home red tagged if you didn’t pull all the proper permits.  

If the answer is no, you do not have the ability to pull your own permits.