Renovation Cost of a 2bd/1.5 ba in ATL to a 3/2?

[Anjahlia Dooley]

Hey everyone, I'm curious how much it would cost to transform a 1250sqft. 2bd / 1.5ba in Atl, to a 3/2? The property has a walk-out basement, was built in 1957, and is quite outdated. It may need to be taken all the way down to the studs. I'm not a contractor, but that's the current owner's plan. He's asking for 400K.... ARV (for 3/2) is 650K-780K. The home is in a very affluent area, with multiple million-dollar homes within a 3-5 miles radius. If you have any experience in this area or know a good contractor who does, I would appreciate the information. Thank you to everyone in advance!