While the cost can vary depending on the scope, zoning, and materials, I’ve seen similar projects run anywhere from $50,000 to $150,000, depending on factors like plumbing, electrical upgrades, and structural work.If you’d like, I can connect you with a few contractors or architects in Chicago who specialize in basement conversions.

I also sold 2 properties to one out of state and another from Pakistan and the buyer never walked through but relied on the home inspection to determine scope of work or to complete the deal.    

It would be based on the scope of work of the renovation that you're doing comparing for values in its as is condition and values after rehab 

The key is a great contractor and a clear, detailed, well-thought-out scope of work. 

But again, dedicated crews drive reno costs down.If you can connect with a flipper in your area (quick out your local REIG) and ask to come along when they scope out a job, you will get more from one or two trips than from a dozen books. 

Also, hard money lenders want a scope of work filled out prior to funding the deal so this is a good little hack to get one as well. 

I believe they are expressing their displeasure with the fact that I have not accommodated some of their recent requests that went far beyond the scope of what is required (like insisting a licensed electrician switch out a smoke detector when we could do it ourselves) and I had to set some boundaries after years of high maintenance for them.

Make sure the estimates are very detailed (scope, SF, $/sf, schedule, etc) to ensure that there is a clear dilation between contract work and change orders.

Once you decide on a contractor I would keep the fire marshall in the loop as to the scope of work and the timeframe for completion. 

Lesson two: The Polytech area has a lot of potential but requires careful planning for the scope of work.