I've been looking at a few 3 family properties in the Greater Boston Area (Cambridge / Somerville) that are pretty distressed but have good potential to become condos. They'd need a full gut (high-end) reno, and I was just wondering what the typical pricing schema for a gut reno is. Do people typically charge per square foot? Does that only involve labor or does that estimate generally apply for labor + materials? If it helps, I'm looking at a building with units that are roughly 820 square feet, 2 bed, 1 bath.

The heating systems also need to be separated out as well (currently there's 3 meters in the house for gas but only one heating system). Has anyone dealt with this and has insight?

On my other properties I never involved a GC, just did some basic paint & electric. Any input would be great before I consider making an offer.