First Analysis - Seeking Feedback

[Mischa Turner]

First time poster/investor here!

Stationed overseas, but a house on my mom's street just came up for sale. Listed at $88k with a contractor bid for $140k for a complete reno to bring up with two comps for ~$250k. There's also an identical lot next to it that can be included for $10k (big reason for my interest) Definitely feels like a no-go, but wanted some feedback with a couple notes:

1. Appraiser said kitchen seems well maintained despite the kitchen floor completely rotted through in pics. Appraisal and bid generated in same month. Floor repair included in bid. How does this happen? 

2. It's only a single bid, but if its competitive, would demolishing and bringing in a brand-new double wide for $150k be a better idea?

3. Not even going to mess around with calculators yet on this one because I feel like my first property should not be such a huge project, but trying my hand.

Thanks!

-Mischa