Indeed, I bought a "handyman's delight" (i.e. money pit) for $43k just outside Atlanta during the recession in 2009, and to get it to roughly the same condition as my neighbor's house, I'd have to spend another $40k. It's mostly cosmetic work that it needs, but there are some structural and functional issues that need to be addressed as well. We're still debating whether we should hold onto it and fix it up (it currently appraises for $80k with the few improvements we've done, mostly due to the location) or just sell it for what we owe and buy a better house.
Might be worth talking to a realtor, or even going to look at a few houses for sale close by. Certain improvements can be literally profitable when you sell the house (e.g. $2K in painting nets you $10K in additional sale price).
If you go look at the comparable homes in the area (similar square footage, no. of bathrooms & bedrooms, etc) and they're nicer but selling for $120K+ than your home can likely be made to turn a huge profit by fixing it up before you sell it.
Just make sure you only fix/improve things which a buyer would care about, and not get bogged down in your own niche requirements.
My father has been in the Atlanta metro real estate market for 2 decades. Is an appraiser, agent, and licensed inspector. I'd be happy to pass his info if you're interested in a professional opinion.
Even from scratch, I considered building my own house. The cheapestimated possibly is to use cargo containers, but that requires a ton of welding and cutting. I'm curious how the designs here save on so much material. Also, having picked up wood working, I can say that wood isn't cheap.
