Cost to Build Per Sq Ft for an Existing Structure?

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There is information everywhere about avg prices to build per square foot, but that is not with an existing structure. My parents have an outdoor garage/barn area with 1125 sq ft that they are going to let me have to turn into a large 1 bedroom/2 bath apartment. It is concrete block on 3 sides, with a metal roof on top. The front side is completely open. The floor is dirt. I can save money by: digging septic hole myself, paying my uncle who is an electrician for the electrical, I have all the flooring already (brick for the bedrooms and bathrooms/bluestone for the kitchen/pine for the living room), I'm also in the military so I get 10% off at Lowe's on all materials. There are already windows on the three sides. I will also install the insulation once framed myself, and I can pour the concrete floor. Furthermore, I have a Sanyo A/C system I will use. 

So, before I delve into getting estimates, how much do you think this should cost in Newark, DE on average? I know I will have to come out of pocket around $5k for a well. What about building permits? Could I realistically get this done for $40-50k if I'm utilizing the cost saving efforts above? 

40-50k for materials alone and electrician should be ok. I mean, there's no way someone could estimate accurately on a DIY. Surely it is $0 labor and 100% materials.