Almost all good players / teams I have come across so far focus on stacking hp/armor items. These players will have 5000-6000 hp midgame and around 8000 hp endgame. I also use this myself for one of my UB builds, which is really effective and I rarely lose with it.
In my opinion the HP stacking, that is possible right now is far too extrem (compared to autoattack and skill damage). The items to pull it of only cost like 10k (total) and it scales extremly well. DPS builds only work on a few demigods, like for example the Regulus. To do it however, you have to sacrify your slots for DPS only items and you will be low on life (1/2 of what the others got or even less). What you also need is at least mageslayer, which is expensiv. In total you'll have to spend like 14-15k to get a reasonable DPS-build going. Yes, if you get Ashkandor you will dominate, but it's very likely you will get owned long before that happens.
If you match up vs three DGs that have decided to totally focus on hp/armor and your team doesn't, then you are screwed, because skill damage and autoattack just won't scale nearly as good. I believe alot of good players have realised this, and that's the reason we are seeing alot of hp/builds these days.
Oak lvl 1 - 1700H, 800M, 400A (13.8%)
-1100g: Blood of the Fallen: 2500H
-550g: Banded Armor: 2900H
0g: Scaled Helm: 1357M
Oak lvl 4 - 3320H, 1552M, 475A (16%)
1500g: Unbreakable Boots: 3920H, 2352M [also have +18h/s now!!] <-- likely the best lowcost item in the game!!
Oak lvl 6 - 4200H, 2482M, 525A (17.4%)
3000g: Nimoth Chest Armot: 4700H, 1275A (33.8%)
Oak lvl 8 - 4980H, 2612M, 1325A (34.6%)
4750g: Vlemish Faceguard: 3662M [also have +23m/s now!!]
Oak lvl 10 - 5260H, 3792M, 1375A (35.5%)
9000g: Heart of Life: +3000H, +3000M every 30s [also have +35 h/s and m/s now!!]
Oak lvl 11 - 5400H, 3857M, 1400A (35.9%)
10310g: Hauberk of Life (replace Scaled): 6000H, 3332M, 1400A (35.9%), 45 H/s, 30M/s
Oak lvl 13 - 6280H, 3462M, 1450A (36.7%)
15040g: Groffling Warplate (replace Banded): 6555H, 3462M, 2650A (51.5%) 40 H/s, 30M/s
Oak lvl 15 - 6835H, 3592M, 2700A (51.9%)
17640g: Namoth Ring (replace Hauberk): 6985H, 3592M, 2700A (51.9%) 51 H/s, 30M/s
Oak lvl 20 - 7685H, 3917M, 2815A (53.1%)