Rehabbing a Land Bank House

[Bill Poly]

Hello All,

Here's some background - I'm looking to buy a distressed property from my local land bank. Being it's a distressed property it will require a complete remodel. I've never owned property, so I have no experience with financing, contractors, or anything regarding the process of buying and rehabbing a property. 

I plan to buy a house, hire a contractor to make it livable, then live there for the foreseeable future. With that being said, it doesn't have to be the home of my dreams once the contractor signs off, I'm pretty handy and really enjoy projects. I'm working with a lender, but they've told me I need a contractor to move forward, which makes sense as the loan I'm seeking is for the property and the cost of the rehab of the property (again, this is a distressed property).

I'm having a rough time getting an idea of what it will cost. I don't want to waste anyone's time, so I want to know if my expectations are realistic. Assuming there are no structural issues with the house, what would it cost to rehabilitate a 1,000 square foot cape cod home? It's two bedroom, two bath, needs new windows, doors, insulation (particularly the second floor), electric, plumbing, HVAC, kitchen, and the detached garage (single car) rehabbed as well. I don't want to spend money nor waste anyone's time if the cost would be prohibitive for me. I have no idea what to expect for the overall cost (well I do, but I have no idea if they're realistic). Help!!

Thanks for your time.