4 Plex deal - worst case scenario total rehab

[Drew Castleberry]

I've just found a deal on a 4 plex, unfortunately I haven't seen any photos or the property yet, and won't be able to until this weekend, and am waiting to hear back from the realtor. It's in a great location, next to a park and popular businesses, and I could easily rent each unit out for $500-$650 after the rehab.

It was built in 1980 and has been vacant for a couple years boarded up and everything, so it'll be a total renovation for the most part.

For all of you experts that have experience with 4 plexes, what do you think would be a realistic budget assuming I'd have to gut out all 4 units and rehab? Each unit is 2 bed 1 bath and the utilities are separate for each.  

I'd guess that it'd take roughly $8-10k per unit, so roughly $40k overall and add a cushion of $50k for overages and a few things that'll need to be done outside. I'll be able to do a lot of the demo myself with some cheap labor, but don't want to factor that into my budget. Sorry I know there's not a lot of details but this is all I got for now! Once I get some information from the realtor I'll post more.