Curious about this property

[Alex Gaw]

So I'm looking around for multifamily properties in Austin to owner occupy and I've seen this a few times. I kept skipping past it because it was unfinished and I don't think I have the experience to finish building out a house, but I'm still intrigued. It looks like it's being presented as a high-end kind of thing, possibly with the expectation that it will service people moving to the area for Apple. It's definitely the nicest property on the street, or would be if it were finished.

So why is it so cheap for the area, especially considering the rent they are predicting (even if it's inflated it still seems promising)? Why is it being sold half finished? Did the seller get too ambitious with this project and then have to exit? Is the buyer expected to foot the bill for completing the construction? Why isn't the initial investor seeing it through? Doesn't look like there are any zoning issues, which was the first thing I suspected. Looking at municipal records it looks like there was a fire, which maybe is why they built new, but I'm not sure how to find that out short of talking with the seller. I just see permitting for "Remodel/Repair Fire Damaged Multi-Family Fourplex." Does this look like it might be a deal? I'd appreciate any thoughts or insights. If I somehow stumbled on a deal on the MLS, more than a month after it was listed, feel free to snatch it. I just want to learn.

https://www.redfin.com/TX/Austin/11805-Alpheus-Ave-78759/home/31926161