$35 for the irrigation controller.
$3.33 for each relay --> total of $13. (there might be cheaper options)
$.70 for each outlet --> total of $2.
Not counting wires and screws which can be salvaged from other things, it adds up to ~$50. A bit more expensive than a similar solution combining mechanical and electronic timers, but much more convenient and compact.
I still need to make it look nice with a front plate, and box it all in, but I might be able to finish it Sunday and will post some pictures next week.
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