Gutting a house

[Brent Rogers]

I've done a couple of light rehabs but nothing substantial. I have found a FSBO opportunity and would love any feedback I can get before pursuing further. It's a 3/1, 1500 SF single family in a large university town. I think I can get the home for 85k and rent for $1350 - $1650 month depending on rehab level. I could get higher end of that range if I am able to convert to a 3/2. I have not seen inside yet to know if adding a 2nd bath is even a possibility.

What is a ballpark figure for a total gut job (including new roof) of a 1500 SF two story home?  60k?  I am confident in estimating roofs, kitchen, existing bath but not sure what it costs to literally take a house back to the studs if I have to go that far.

Given the location the lot is probaly worth more than the purchase price but there are strict laws that prohibit demolishing and rebuilding from the ground up.