Evaluate my land purchasing deal for future rentals?

[Eric Blair]

I may have stumbled upon a great deal but as I am not a professional or seasoned expert like most of you, I thought I would drop the numbers and plans here and see if I’m outside of my depth here

Near Clanton, Alabama

I found a 4 acre lot for $100k. It has 4 power, water and septic hook ups already on the property. Albeit they were originally meant for mobile homes so very close together. I’ve already got a land loan because I’ve been looking for my own land to build my forever home but this property made me see dollar signs

Land loan is 0% down at 7.5% for 20 years. Payments are $850

I have access to VA loan with no funding fees. My thought process was to use a construction loan to build a quadplex of about 4000sqft with each unit being 1000sqft. VA loan will require me to occupy one unit. I feel that in this area I could easily get $1000k a month per unit. That's pretty cheap for the school zone. School zone is one of the top in this area. It would probably cost me between $100 and $115 per sqft to build. I've already got contractors I can use which is where I get my build estimate. Land is unrestricted and not land locked

I've already got one rental and my current house will be a powerful rental. So my plan is to purchase the property, build a quadplex and once completed roll the land and rental into a consolidated VA loan at 0% down, no funding fee and closing costs rolled into the loan. Legally I'll occupy 1 unit and rent out the other 3. In my area there are almost zero quadplexes. This would be unique and in a great school zone

Maybe I’m not seeing something right so I welcome any insight. Thanks!