The estimated value  now (roughly) is $200K. 

By the time a property is formally put up for sale in a town that size the locals have know it was going to be sold and had their chance at it.

Trying to get a # from him about estimated remaining cost but got nothing.   

Annual STR revenue for 4bed 4bath cabin is estimated to be about $45,000.

You have a far better chance trying to sell to an individual than targeting hedge funds.

They can help refine your repair estimates and ensure your assumptions are realistic.

Learn as much as you an about how to scope a property and estimate the investment. $50k sounds like a lot to you but with the price of materials and of qualified labor, it does not go too far.

I'm in a team who does these deals and we have a team of "door knockers" who go back weekly till the auction, they file bankruptcy which only delays 3+/- months 100% chance that the lender will as that their mortgage is removed from the bankruptcy they file NOD yet again.   

I then created an excel sheet with those estimates to know (a) what to offer for land to make my numbers and (b) to hold the sub to what they estimated for me.  

bottom line - you can't use a square foot estimate... you need a bottoms up estimate as @Samuel Eddinger alluded to.