Its not just a matter of rearranging dividing walls plumbing and electrical.  

If you're also adding plumbing, electrical,  a bathroom and a kitchen then I'd say it's not enough.

The day I purchased the property I let everybody know via notice that I would be fixing any problems that they may have such as plumbing, electric, whatever.

Rehabbed most of the stuff myself except for supply lines in the plumbing.

I will rebuild brick walls, replaced beams, plumbing, electrical, etc.

Most of them haven’t been maintained properly (think worst case scenario like bottles in vents, grease in plumbing, uneven floors , crawl space issues).

After nearly a year of construction and about $40K in costs, all that had gotten done was the laying of the plumbing and foundation, the prior of which my contractor had to redo.

While shopping for a small multi-family building (3 or 4 units), I would like to get an inspection of the building to get an estimate of repair costs if any problems are found (foundation, roof, electrical, plumbing, heating). 

Things that drive the ARV higher - roof, plumbing, electrical, paintThings that don't drive the ARV as much - windows, landscaping, driveway

The cost starts with  1.) plan cost (survey, civil engineer, site plan, architect, structural engineer, mechanical/electrical/plumbing (short for MEP) plans, etc.).