between $5-300 a foot, a square foot, a cubic foot, it doesn't really matter.

Every time I have new investors wanting to purchase an investment property I advise them to go for the smaller square footage houses too. 

An applicant wishing to move quickly is a red flag therefor landlords motivated by money/vacancy costs often take hire risks on someone breaking a lease of being evicted. 

I could further dial in those numbers by looking at the homes that are closer to what you would build and their prices (you're probably looking at a slightly higher price per square foot).

Here's a link to a post I wrote about the project you might find interesting. http://activerain.com/blogsview/4869328/big-places-on-tiny-spaces--the-cubic-foot-vs-square-foot-really-counts

Just adjust your house to have an extra 2500 square ft and see what happens to your estimate!

There's actually 2 and both are listed on meetup.com.LIMG-meets 4th Thursday at 7pm at Red Lion Hotel in Harrisburg @ 4751 Lindle Rd (Next to Sheetz)Central PA Investors-meets 1st Tuesday at Hilton Garden Inn in Harrisburg @ 3943 Tecport Dr

I have never done a rehab that costly per square foot and I am typically shocked at the cost of my rehabs (always more than I expect).Are you planning to refinance it to pull out some/all of the $200K invested? 

It's outdated and an eye sore in a red hot neighborhood that I'm very familiar with.

Cameron I am a local VA Lender here in San Diego county shoot me a direct message and I will get you all squared away.