The reason is “Low-income tract”.That seems odd considering it is one of the most popular and expensive inner city areas.Anyway my wife would never let me move us into a small multi family.

Then depending on the land he will either just sell it as is, divide it up into smaller tracts or actually go in subdivided it, put in sewer, gutter, curbs, etc.. then sells the lots to builders.

It was a raw land deal that involved buying the land, creating the infrastructure, drainage, utilities & subdividing the land - then building custom homes on the lots (development) for my family which they would then eventually sell off and profit from.My family had found a 15 acre tract of land listed for sale at $500,000 ($33,333 per acre) in a very fast growing area of Texas. 

I've owned hundreds of tract of land and what you realize but most people don't is that lots were much harder damaged in the Great Depression of 2008 than either houses or apartments!  

There is too much information to digest and you simply do not know where to start.

You can look at census tract specific income trends.

subdivide to smaller tracts, bring building plans to city council What was the outcome?

Otherwise its a pretty boring suburb with boring tract housing. 

The 100 acre tract had existing road frontage on 2 sides of 2 different roads and 1 side of a third road.  

The seller digests their financial needs and risks, including the possibility the buyer will default on the loan, with the prospect of a potentially expensive and messy eviction process.The upshot can be sobering for the buyer.