Developers- SFR/ Ranch

[Cindy Meyers]

Would you purchase a flat land that is 806,295 sqft that needs to be re-developed in a population of 45,000 next town over is populated at 85,000? The land is was zoned for A-1 and is now at R-1( 1800-2200 sqft pricing at $400k each new home for 80 lots) The average age considered for the market is over 55+ ( idea) you can turn the SFR and into a club house for senior citizens. Tentative map was started but not fully. ARV $105,000 reflects the needed repairs to enhance the property condition and appeal to standard market. No clouds and asking price $3.1M appraised at $1.7M.

What would a developer look at to determine if this is something he would want to pick up?  I personally feel this land has a huge upside but confused as to why no has grabbed this.  Am I missing something? Should I ask if there were dead ppl buried there, i don't know. Please Help!