I think you’ll find that it installed fine, but the Makefile is not going to place configuration files and/or init scripts around the place, as it needs more specific information about the type of system you’re running and how you like to run it.
You would find it instructive to read http://wiki.mt-daapd.org/wiki/Quickstart_Tarball which outlines the basic procedure. I think you’re most of the way there. 😉