I'm wanting to determine whether or not to Rehab vs Build Anew

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Hello everyone, I'm a newbie to real estate investing. I currently have a home sitting on a little over quarter acre of land. However, a leaking roof has caused considerable water damage to the floors and walls inside of the house. (Side Note: There's also an underground basement inside the house)

My Question: Would it be cost effective to rehab the current structure ( gutting the inside and fixing up the outside ) or to tear down the house and build a tiny home of one form of another in it's place?

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