Do you cut costs by just hanging 1/4" drywall over old (no demo)?

[Paul Meyer]

First, what I'm exactly saying is only cutting out lines across walls for all new rough-in electrical/plumbing/hvac/any mold damage AND THEN just hanging new 1/4" right on top to create a fresh new looking house. From my experience trying to make something old and abused look pretty again just takes as much time & money to just hang new. This keeps me from paying for 1-2 dumpsters plus all the extra work pulling it out, cleaning it out, getting out nails. I did this on my last flip only on the ceilings because ALL the great insulation sat on top and if I took it out it would have been a f+@*$%&$ mess and $$$ for new insulation.

I'm about to start my 3rd flip, another horrible ugly house, and I like to just gut everything and start new but I like to save $$$ and cut corners where I can to keep more profits. 

The electrician is going to put in new boxes so extra drywall doesn't matter and I'm installing all new windows/doors so that doesn't matter either. Probably no insulation behind current walls...So I'd make everything tight and caulked. 

Anyone ever do this or just spend more money to totally gut. I know if I start pulling out the drywall I'm going to find extra work. 

This is just a 770sqft 1 story 1/1 converting to 2/2. Midwest in IL. Rough neighborhood. Total ARV only like $89-109k which is peanuts compared to east coast. I am doing 60% of the work pay myself out of this one because ARV is so low. This would go for $169k in VA.