It’s not a simple answer - you need to factor in your time to build, debug, test, etc. Plus you need to factor in the cost of the tools.
If you dont place a cost on your time then the costs reduce (I view the building as leisure time and use it to learn - I try to understand everything I build - hardware and firmware)
I think to reliably build modules (in ~150 modules, so far not had a failure) you need:
an oscilloscipe (essential to test and debug)
Decent solder station (needs to be temp controlled). Probably need two bits - one for large stuff like 0603 and drag soldering, and one for 0402…
You need a benchtop power supply of some sort
You need a function tester of some sort to test modules
You need some form of magnification
You need a hot air station for desoldering.
I use a decent Rigol oscilloscope (but started with a £18 diy dso138), I use an ERSA Analog 60 solder station (but used my dad’s ancient weller until it died), I use diy bench psus. I use a mutable instruments module tester as a function tester (but I started with a £7 xr2206 based diy effort). I now use a decent optical stereo microscope - which makes it all so much more reliable and easier (I previously used a magnifying visor). I use a £30 ebay hot air station (but if you get one make sure you check the earthing and other wiring carefully - there are lots of cases of dodgy ones - mine was fine)
Then you need programmers for the fw - again can be cheap…
If you buy in quantity - ie buy 100+ of each passive to get the price breaks then when you build more modules the price per module crashes down… also if you start getting your own boards and panels fabbed that brings the costs down (especially if you share the spares with friends and they reciprocate)
Depending on the module, you can get down to less than 10% in material cost… (but factor in all the above costs and for one or two modules it’s very not economical…) Also, if you look on mw or fb there are an awful lot of failed builds which is money thrown away… Usually the most expensive part is the knobs and pots…