From day one I treated my involvement in real estate as a real business.This means, I had an advertising budget, a lead generating and follow up process, a back end process and money source and above all an experienced mentor.  

The current way the studs are built is not up to code, so they have to rebuild the entire structure of the kitchen wall This is not uncommon especially when renovating an older home and when budgeting you should also carry a very heavy contingency for unknowns. 

I started an automotive business on the thinnest of shoe-string budgets; way under capitalized. 

I have a truck full of questions, but these 3 specifically keep my brain awake at night right now.

I usually provide our budget as well with totals spent. 

Considering it is already 2025 and they don't have a budget, you might also have an incompetent HOA to deal with.

It was honestly luck, I didn't know much about real estate I just knew I needed a house that was unappealing to others to be able to buy it and have it fit in our budget.

This is where I would focus, as these are the same attributes that attracted those responsible for the larger projects like the Bellweather District you mentioned in your initial post.With your budget I would recommend NW Philadelphia (Germantown and Mount Airy in particular).

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project. 

From the numbers perspective it seems like it can pencil out depending on the rehab budget.