I currently have a 4 plex under contract and am at a bit of a crossroads whether or not I should try to proceed. I am trying to work the numbers on a to-the-studs rehab.  The property has 4 identical units, 2 up and 2 ground level.  My thoughts are, if I can figure cost on one unit rehab and multiply  x4 I can have a good idea of what it would the total rehab cost would be, and what the purchase price would have to be to make sense.  Here is a little background on the deal.

 I am in the Kansas City market and found the property on craigslist.  The gentleman selling seem to have so personal issues going on an needs to unload his rentals.  It is in the city of North Kansas City (64116) and was originally listed for 175K, under contract at 145K.  The gross rents are 2,275, Taxes- 150, insurance 125, utilities (water and electricity for hot water heater and common area) 260.  My first offer was 30K behind his asking price accepted.  I made this offer contingent on walk-through ( I had not been inside yet) and inspection.  I did the walk through on Monday and it was rough, as I expected.  I went a head and ordered inspection and am currently waiting on the report.  However, while following the inspector around I took some additional pics and notes.  Basically this place looks like it needs stripped to the studs and complete cosmetic rehab done.  There are two units on each floor that are approx. 525 sq ft.  Here are the measurments for the rooms and below is a crude depiction of the layout for each floor.-- (Excel was not meant for this purpose).

BR1-  8x12

BR2 -8x12

Bath appox -10x5- with small vanity 24", 60"x30" tub and toilet

Living Room-10x13

Kitchen-8x10-  about 10 LF of cabinets, about 22 sqft of counter tops.

I have run some numbers and have a relatively decent idea of what I believe materials would cost per unit (around 8K), but the labor is the wildcard right now.  Does anyone have any input as to what the labor cost would likely be on the rehab of one of these units?  This would be for stripping to the studs and starting over from there. This is with the assumption that we would not need to do any major electrical or plumbing work while we are in the walls. Really, any input at this point would be great as I will need to decide what I need to adjust my offer to in order to make this deal work.

Thank you!