Lot split to new construction: Try to change my mind!

[Steven Foster Wilson]

I live in the dense center of Ohio State Campus where real estate is scarce and expensive. There are of course the regular options of - door knocking - cold calling and so on for finding a good deal. But everyone is doing it in this small stretch of land. So heres an idea!

Call owners with houses on corner lots, ask them to buy half of their lot, perform a lot split and get it zoned for multifamily. Then build a new multifamily unit. I figure a cost of $125/sqft to build new + the cost of half the land. Houses on campus are selling on average for $180-$200 a sqft.

This could be a good way to be a niche investor. Get prime real estate at a discount. Own new rentals. (and yes the area supports such things as there are hundreds of similar cases).

Please try to change my mind before I go head first into this for the next 6 months. Or if you think its a good idea encourage me.