Hiring builder for build on lot then rent/flip?

[Ben Kirchner]

I have some vacant lots in New Bern, North Carolina.  My original thought was to purchase the lots for cheap, and later flip the lots themselves in time.  I've been told from my partner that builders were looking at buying a load of lots before COVID-19, but it's put a halt on it.  I'm thinking of other options now.  Potentially hiring a builder myself to build a house on the lot to later rent or sell.

Questions:

Has anyone done this in any area in NC?  How much are you typically paying for a lot, the house, and what is your overall timeline and profit?

How much of a value am I looking at hiring a builder myself?  Is there a general cost per square foot?  

Does anyone here have any experience with the New Bern market? I'm in Durham, and do not know the market out that way. I'm trying to get a better idea of what I could rent or sell a SFH for there.

I would be looking to get in touch with some builders to further discuss this.

Thank you