This property has been on the market for over 200 days and started out at $210k. The tell tale signs here are that Mr. & Mrs. homeowner tried to sell (for too much money), couldn't, then left in dispare for the listing agent to figure out what to do.
Another comp on the street sold in foreclosure back on 8/28/08 for $158,100, with similar acreage, condition, and size. Keep this in mind to justify your prize if you win the bid. Now, if you are interested, quit speculating and put something on paper - anything. You can't win and unless you are in the game. The bank is the only one that knows what they will accept. If $75k seems reasonable for 2 acres in Arlington with sewer, water and electricity - go for it. You can always level the house at that price or build from it's good attributes.
Get you a seasoned Realtor in REO sales to represent you. It will cost you nothing, but it will protect your interest. You will be able to navigate through these waters much easier and come out miles ahead.
Let me know if I can be of any help and congrats on a possible gold mine!