Complete Gut for Primary Residence

[Matt Davis]

Hi all, new to posting, but have been reading BP for a while now. We are looking at a property that is an estate sale, the children are selling the home, and it was built in 1952 and looks like it has not been touched since. The house will need to be completely gutted, doesn't even have CAC (we live in GA so will need that), needs completely new electrical, taking down walls, rearranging of bedrooms, replace windows and doors, enclosing the carport to a garage, it needs a ton of work.  I plan to help with as much of the renovation as possible, I'm pretty handy but definitely no expert at any one thing and have not done a rehab before. Are we crazy to think we can gut and re-do so many huge components (HVAC/Elec/Etc.) for $100,000? We live in Augusta, GA and this is our ticket to live in the nicest area of town and we will make a huge chunk of equity if we pull it off. My wife and I are very excited about the house and the project, but we are realistic and know things will go wrong, there will be setbacks, and sometimes budgets can blow up. I'm expecting the standard advice of "talk to a GC" and we have that lined up, but wanted to hear from a community of people with experience in renovating, also.

House info: apprx 2,100 SF, built in 1952, one story, brick exterior, built on crawl space, has attic, 3 bed, 3 full bath. Hardwood floors were covered up for last 30+ years so in great shape, has had two additions made that are tied into SF now but floors are about 6" lower than the rest of the house. Don't have luxury taste, but definitely want nicer than builder grade materials (i.e. quartz in kitchen).