Renovating Philadelphia Row Home - Advice Needed!

[Tommy Choi]

Hi fellow BP'ers -

I'm hoping members can share with me some valuable knowledge and experiences through renovating a row home in Philadelphia or other urban cities. I'm currently evaluating purchasing a single-family 3-story row home in Philadelphia that will require a complete gut with new HVAC, plumbing, electrical, etc. The cost of the property itself will be in the ballpark of $350k.

The goal of this acquisition and renovation is that this property is actually for me to live in and someday used as a rental property. I'm in commercial real estate by trade so I lack experience in understanding fully the cost renovate a project of this size. The property is approx. 2,240 SF (the listed lot size is 1,782 SF). It currently has 4 bedrooms and 2 baths.

My plans are to finish the basement to be used as an entertainment/flex space, two bedrooms on the second floor and master on the 3rd, 2 full baths, and 2 half baths. Open living space concept on the ground floor leading into the kitchen and W/D located on the second floor. If the budget allows (and zoning), I'd like to put a roof deck onto the building as well.

Can anyone shed some light on the ballpark renovation cost for a build-out like this (excluding roof deck)? It would be helpful to understand if I need 50k, 100k, or 200k to get it to a comfortable and habitable state.

Thanks!