If you want to build a low cost LCF ESR meter then LCFesR meter by dr. Le Hung is great project for it. LCFesR meter is a precise, autorange meter for measuring inductivity (L), capacity (C), frequency (F) and equivalent series resistance of a capacitor in-circuit (ESR) based on AVR ATMega88PA-PU microcontroller. You can build it with homemade one or double-faced PCB. This LCF ESR meter project uses electronic components which is available in every electronics store.
Project feature : It can measure inductance within range 10nH to 100H. Capacitance measurement range from 0pF to 0.1F continuously, no need to switch to different measurement ranges (auto range). LCFesR also can be used for frequency meter with range 0.01Hz up to 8MHz.