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part of your problem is the contractor is making his profit on the sale, not on the construction. In your scenario, you would be paying a contractor profit for the construction AND making profit from the sale. You also likely would be paying realtor commissions they may not be.
I'm not going to run the numbers, but I would imagine after the above that the time and effort involved is not going to end up being worth it. maybe if you intended on living there for a period before sale.
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