Advice Needed: Too Good to be True? Estimated Costs...

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I'm thinking about buying this property but it has been completely gutted. It is a two flat but the second floor does not exist and so I would have to build out a staircase, put in the floors on both the main and second level, and obviously erect walls to divide up the rooms..etc..

I'm new to rehabbing so I asked my manager if she ever had to put in completely new floors and she said she made an addition to her 2 lvl house by extending one side of her home, and it costs around 200k, at around $100/sqft. That sounded ridiculously out of my reach in terms of money.

Then I asked me realtor on his advice, and even though he is not a rehabber, he estimated the costs to repair to be at least in the 100k ballpark, and materials alone would be at least 30k.

So here comes the interesting wrinkle, I talked to my friend who is currently the super in my apartment and he swears he has his own crew who can build out everything I need from this complete gut rehab for a fraction of the costs. He thinks he can do both floors for under 10k and maybe another 10k to to add the kitchens and bathrooms. He says 20k should do it.

Am I to believe my manager and my realtor who gave me these high estimates? or my friend rehabber? I just want to know is this even possible if you took out labor costs and only factored in materials.

For this example we'll use 1500 sqft each level, assuming 5 rooms each floor, 2 brs each, 1 kitchen and 1 bath on each floor.