Very Broad Question .... Let's start with one of my favorite quotes from my other passion , Auto Racing.
" Speed Cost Money , How Fast Do You Want to Go ? "
Over the last few years , I've operated a small town semi private for as low as $ 500,000 and a Mid Level daily fee for $ 2,000,000. For a mid level deal with no water cost , leased carts , leased maint. equipment , modest CH with small grill , in a 12 month season , you should be able to do a good ( not great ) job on $ 1,250,000 give or take a couple of hundred grand. ( Yes , that's a big spread )
In the golf operations biz , this question comes up all the time ... What I've found is that is often in the client's best interest to spend a day with a consultant discussing what he / she is looking for ... The consultant can then build several models for the client ... On an existing facility with an income history , you can often build a model to meet a specific objective.