Foreclosure demolition as first investment

[Dor Sagi]

I have a dream of house hacking a multifamily in Brooklyn, NY. However, the neighborhoods that I'm interested in are more expensive than what I can afford at the moment.

I was thinking of buying a cheap uninhabitable foreclosure, doing a complete demolition, and building a brand new *modular* construction. I was hoping that it will be cheaper than making the place inhabitable with a complete rehab... Also, I heard that modular construction is a bit cheaper than regular construction.

Am I naive to think it's doable as my first-time investment?  Would love to hear your thought, tips, guidance.

Thanks!