Building vs. buying
Below is a link to two billboards for sale in Texas. It would seem that it is way better to buy billboards that are already built instead of building from scratch.
The link below shows 2 mono’s for sale for $70,000 in Texas.
If you built 2 mono’s it would cost approx $100,000 and that would not include trying to find the spots!
If you are netting $500.00 on both boards after taxes, insurance and 20% land fee you could have the boards paid off in approximately 17 years you can have both paid off and be making $500.00 a month.
It seems like if you are going to spend $50,000 on a mono you would want to get the best location possible.