$4k is all you need to build a whitebox 256GB machine: dual-socket G34 motherboard with 16 DDR3 slots lke the ASUS KGPE-D16 ($500) + two Opteron 6320 (2 * $300) + sixteen 16GB registered ECC DDR3-1600 (16 * $160) + chassis/PSU ($500) = $4160.
Doing this on Amazon r3.8xlarge ($2.8/hr) would cost you $8100+ over 4 months.
A DIY server can make sense in some cases. Eg. you are a very early-stage startup with almost no funding, and you are good at assembling and troubleshooting computers, and are ok with mere warranty on parts as opposed to full vendor support from HP/Oracle/Dell, go for it. That's how many startups started (see Google and their makeshift half-donated half-loaned boxes in 1998).