Deal Analysis for multi unit

[Alex Lee]

So I'm looking at a deal and these are the circumstances:

Undeveloped land (looks like only foundation was done), but has approved plans.

Looks like 2 multi family plots were mapped out.

comes with 35yr tax abatement and is sitting in an opportunity zone.

Assumptions with the deal:

Asking Sale price: $3,200,000

Construction costs: $7,867,125

ARV: $8,653,837.50

Est rent for each of the 2 buildings: $28,889 (for both it would be 57,778)

it looks like the investor group is looking in terms of a 20% ROI and I'm assuming they are looking just for flips, but I can't help but feel like this can be a much better investment if they would just hold onto it.

How would you guys analyze a property like this?