Building a Multi-family?

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Hey everyone, I've debated to myself about even asking this one but here goes...

Has anyone here ever did a new construction multi-family? (2, 3, or even a 4-plex) If or if not, how did it work out for you or why didn't it? 

I'm asking because there is a perfect lot near me (3 acres) that I thought about maybe buying and constructing three 4-plexes in phases. They are asking $99k for the lot. I've talked to a builder casually about doing the construction but we haven't talked numbers or anything like that. I just wanted to run this idea by the BP community for ANY sound advice. Thanks!