It used to have a house on it (now torn down, cleared away, and completely vacant), and is on a street with decent homes (80k house prices, 1100 rents). 

Drawings and specs need to be completed before bidding. 

I bought my first property in 2014 in the peak of our local market where everything was going extremely fast and I ended up paying 16k over asking. 2 months later the oil and gas market, which drives the growth locally, completely crashed.

@Ken Nyczaj this is completely dependent on the scope of work involved.

Let the appraiser know that you want a subject to completion value.

It's simple and completely free to track your property financials.

As far as the profile picture goes I completely agree, but I have tried multiple times with no success.  

Since her home was flooded due to an interal plumbing issue and the insurance company is paying to remodel the existing old (1920s) and dilapidated structure (could tell by looking at some of the 2x4 studs revealed in the partial internal demolition), I decided to find out if my mother can use the money should would receive from the insurance company in the form of a check, put that towards the remodel, and in addition secure a construction-to-permanent loan in order to fund the complete transformation of her 1 bed 1 bath 1,200 sqft home into a 2-story duplex that she can rent out, airbnb, etc.

So you have to put in all the walls and electric and plumbing , the are roughed in but not completed. 

Don't let them wander through the house and pull out random stuff to work on.Get 3 bids.They should be bidding on the cost to complete the work, not by the hour.