Rookie looking for advice on a flip deal in NJ

[Erik Kuhi]

I came across a property on homepath.com that was damaged by Super Storm Sandy. The home is in desperate need of rehabbing and most likely needs to be raised due to FEMA guidelines put in place after the storm. Just looking on zillow I see the surrounding homes are valued around $120000 and this property is listed at $24900. My thought is rather than dealing with raising and rehabbing I would knock it down and put a raised modular home in its place. I have yet to do an in depth investigation into the costs but off the top of my head I'm thinking if the cost of the property and having the modular home put on the property cost around $100000 that it could potentially sell for $150000. The town is Keansburg NJ which doesnt have the greatest reputation but is by the bay and has a popular amusement area. I do believe the town is made up of many hard working people and that my idea will offer 1 of those people a nice new home they can be proud of. I think $150000 would be an affordable price point in this area. Please let me know your thoughts on if this idea is worth pursuing or if I have the #s wrong. All thoughts and suggestions more than welcome. Thank you, Erik