MF Development Opportunity in Central Austin?

[Jeff Mann]

Hi!

I saw this listing in the MLS and wanted to share and see if anyone (developer/investor/syndication) thinks it could be an investment opportunity: https://matrix.abor.com/DE.asp?ID=DE-235780756854&eml=amVmZkBidXJsaW5ndG9udmVudHVyZXMuY29t

1509 Parkway Zoning - SF-3-NP - $1.65M

1507 Parkway Zoning - MF-4-NP - $1.75M

Together for $3.4M (listed price) 
1509 (duplex) is surrounded by MF zoning. If a zone change to MF-4 to match surrounding lots, a moderate-high density development could be in play? Lot sq.ft. +/- 22,203 - 

This puts land costs around $155/sq.ft. I've heard of deals 10x this amount and probably higher. 

Costs that I can think of:
Demo, rezoning, design, construction, financing and time. Can you think of others?
I have property profile report for each lot and MF-4 zoning guide. 

Let me know if anyone has any questions or if I can be any assistance. My intention for this post is to learn and hopefully be part of team willing to take on a project like this. 

Jeff