House Renovation Cost Grays Ferry

[Marc Possoff]

Hi everyone first time posting. We own a property and a lot in Grays Ferry. The property which is a house is a 2 bedroom approximately 840 sq ft. Looking to completely renovate the house and some possibly build either an addition or make it a 3 story because a 3 bedroom will be more desirable. 

Now the lot is an empty lot and I think I can get $55k for it. However my fantasy is to build on the lot. But looking at the cost I’m not sure. Probably cost at least $250k to build from the ground up. The problem is Grays Ferry isn’t like Point Breeze yet. 

Question is any idea of cost to completely renovate the house with either an addition or 3rd floor? We currently live in SJ and would rent it out but when the neighborhood gets a lot better have plans to move into the house. 

Thanks!