RpV Realty LLC
This is particularly true in the south suburbs. Another consideration is real estate taxes, Cook County tends to set new construction real estate taxes quite high.
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My suggestion would be that you look at what home prices are in that area and evaluate whether it is possible to build a new house in that area for roughly that price. If you can build for costs that are within the neighborhood norm then maybe it's worth it. If costs will be slightly higher then it still might be Ok if you are planning on staying there for some years. If costs are substantially higher, then there better be other reasons besides money for wanting to live there.
A couple of other things, if this is a flip, "basic' isn't going to cut it. There's too much housing stock available for something 'basic' to sell anytime soon. If this is for you, I would suggest assessing your realism on 'basic'. I have dealt with many homeowners who thought basic would be good enough for their rehab. Once they see some TV shows, see what 'basic' really is, rationalize that they will be in the house for many years, this is for our families future, etc, 'basic' no longer cuts it. Many a homeowner has blown their budget and maxed out plastic because they decided basic wasn't good enough.
As a seasoned professional, I can tell you 'basic' isn't really good enough in various ways. Some of the costs of better materials and components are worth it in the long run.
You can contact me if you'd like. Good luck