Pros and Cons of "House Raising"

[Ashley Norris]

Hello BP,

This is my first post and it may be an odd question for someone as early as I am in the business.  This one is for my contractors who may know a little or specialize in house raising.  I live in Milwaukee and there are a lot of "Polish Flats" where the older homes were raised to allow for egress and entrance into a lower level unit to accommodate a larger family size (inter generational living).  

In certain parts of Milwaukee, there are a lot of homes that could BECOME a more modern version of the old school polish flat style of living and would also double the units on a single lot.  I am assuming that the process of raising a home is extremely expensive and that is why no one else does it anymore (unless absolutely necessary).  BiggerPockets claims to be a fantastic place to get expert feedback, so I thought I would start here.

If you have a home that is built in the early 1900s or late 1800s with approximately 850 - 1000 sq ft, A-Frame style home.  What would be a rough cost estimate for raising a home by no more than 3 ft.  Some of these homes already have tall basements but need a little help to be able to potentially be considered having a first floor apartment (instead of a being a single family home).

I attached a link that provides an example of the style of home I am referencing.  I know that prices are subject to change based on geographic location.  In general, I am hoping to understand estimated costs AND to gain a better understanding of the process (is this terribly unrealistic or feasible based on scale).

http://u.zillow.com/p2jtLC/

Thanks!  I am looking forward to feedback from my first post.