Estimating the cost of a ground up project

[Luke Sorensen]

Hi all,

I'm completely new to real estate and want  to start learning by looking into potential projects. 

There is a local 0.6 acre plot of land in a higher-end residential neighborhood that caught my eye. I'm here mostly to learn, and to spark discussion for others to learn, but would be interested in doing the deal if it is found profitable. 

All that said, I don't know the first place to start in order to evaluate the cost to purchase the lot, get permits, build, pay interest, etc. 

How do I come up with an estimate? Are these generally profitable deals? Am I better off purchasing turn-key houses? 

Looking forward to a great discussion,

Luke Sorensen