Built in they early 90's and the roof has been replaced in the last 4 years. 

I currently work as a project manager for a general contracting company and have been involved with construction my whole life (my dad is a small construction GC himself).

You cannot properly compare the numbers until you have ironed out the details on cleaning and have a good sense of projected price, seasonality, and vacancy.

Floating vinyl plank will not ruin the wood floors if you or someone else wants to redo them later, it is pretty cheap, and very easy for a DIY project.

the per door rate is an incredibly oversimplified view of the financials a project will produce.What's the expense ratio?

Looks like a fun project.

Plus cracked walls, older roof in decent shape and over grown back yard. 

If the company complete the process of review in a positive way and is being announced that the landowner doesn't have enough money to pay for construction, then they look for lenders who can agree with the profitability of the project.

They never made an interest payment nor are the projects completed and sold and I funded these in August 2018.

So if you TOTAL project cost, land + construction, is 10mm if only using the land it would need to be worth at least 3.5mm.