Question on cost of whole house mold abatement

[Adam Sporinsky]

Does anyone have experience here with rehab costs on a house with mold essentially everywhere?  I looked at a 1600 sq ft. house in the south suburbs of Chicago and nearly every wall was covered with mold, as were the light fixtures, doors, vanity cabinets, etc.  There was (and still is) about 2 feet of standing water in the basement and a sign on a bathroom sink that mentioned a burst pipe so I think the cause of the water and mold was a water leak while the property sat vacant (they dropped the price by over half after a few weeks on the market, so I think this theory makes sense).

I am assuming I will need to remove and replace all of the drywall, everywhere, all the fixtures, doors, windows, etc. but I am not sure if there would be other costs involved.  For instance, is there any chance that the studs behind the walls would also be moldy and if so would I need to cut out and replace them or do any re-framing, or would dehumidifying the place work?  Is the electrical likely to be damaged due to this issue?  I am assuming I will need to replace most or all of the plumbing system.

Any advice would be very helpful, if the costs aren't too out of control beyond what I was estimating, this could end up being a great deal at the right price.