House under contract.... 60K Rehab?!

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Hi Everyone,

I finally got a house under contract located in the southside suburbs of Chicago. I'm planning on rehabbing the property, but the rehab costs seem way too high. I asked my contractor how much it would costs me to rehab the property, and he told me it would cost me around 60K.(I was thinking around 50K at most). Here's the SOW:

- Kitchen/Baths

-Refiinish Hardwood floors

-Change furnace/water heater

-Plumbing

-Upgrade the panel

-Finish basement (Insulation, laminite floors, drywalls)

-Change garage door 

-Install Carpet on the  3 bedrooms

-Downspouts

-Some landscaping 

-Change garage door

-new door, fans, outlets, etc. 

I was also thinking about opening the wall between the kitchen and the living room. The pictures look fine but the basement needs ton of work. Here's the link to the property with pics. 

https://www.redfin.com/IL/Calumet-Park/12751-S-Car...

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