Opinions wanted: Construct a NEW house or just sell lot?

I am new to this board, so pls be gentle...
I have a vacant lot on a nice corner in surburban Chicago that I am trying to decide what to do with. I could probably sell the lot for about $40,000 outright. I will have about $50,000 from the sale of another residence that I would like to invest somewhere.
I have some home repair skills, but not rough carpentry. Is it very likely I can make a 10 to 15% return on my money if I sub contract building a semi finished home on the lot ? I foresee problems because of my inexperience perhaps eating up any pricing advantage of home+lot versus lot only sale.
Has anybody done a DIY home strictly for resale and made money like this ? I do not anticipate rising values bailing me out of this if I don't keep it under budget, due to circumstances beyond my control/ability.
Will banks or mortgage brokers be willing to finance at reasonable rates, so interest & closing costs don't eat up my capital ?
What experiences, both good & bad have you had with this sort of thing ?
Pinball Bob
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On 12 Dec 2006 19:14:33 -0800, snipped-for-privacy@hotmail.com wrote:

It is not easy to do a one-off and make money in a strong market unless you are able to buy materials and trades at advantageous rates.
If you are at the bottom of the learning curve, have few contacts and are in a soft market, I'd be very surpised if you even broke even.

I have ..and do ... but not on the first one.
Bob, you're asking all the right questions ... and the fact that you are asking them gives you the answer.
Ken
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Shop for a decent mutual fund. 10%+ should not be too difficult and you won't have to get out of your chair.

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snipped-for-privacy@hotmail.com wrote:

If you have property, and you're also looking for an investment, why not consider getting a good contractor, borrowing, building, and becoming a land lord. If that appeals, get some professional advice, property management ... sit back, and let the place pay for itself.
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Thanks to all that responded here. I think you have helped me make a decision.
Pinball bob
bowgus wrote:

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