This is very hard to answer without knowing more about the size of the home and details regarding the finish level - $350-$500/sf is an acceptable range for very rough budgeting. I have several builders that I can recommend for this type of product.
RpV Realty LLC
You can call my friend and colleague John Morgan of Savane Properties. He builds and renovates high-end homes, and he has another company that does all forms of renovations, additions, etc. He can be reached at 773-327-1234. If you need additional resources, please let me know. I'm happy to provide referrals.
Best of luck,
Koenig & Strey Real Living
1940 N. Clark
$100-$200 per sqft. Take your pick. Your question is really far too broad to answer realistically. Brick veneer only on the front or all sides; basic finishes = home depot?; basement no basement; type of kitchen; is this for yourself or resale? Which suburb specifically can also make a +/-$20K difference by itself. Different suburbs have different construction and contractor requirements.
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... more
I do have a property available for sale (and possibly rent as well) at 1000 E. 76th Street. This is a storefront with a 3BR 1BTH rental unit above that is currently rented on a month to month lease. There are a few parking spots out back as well. Let me know if you'd like to see the building. The virtual tour is listed below as well.
Broker Associate, Sudler Sotheby's International Realty