Complete gut down to studs and floor joist.

On my current gut project There were two other offers that were considerably more than mine but used the inspection contingency as they had presumably put offers on other properties in this very hot up and coming market. 

Not for everyone, but the pay isn’t bad if you’ve got the guts.

This is just a super basic formula to get some numbers flowing15$ per sq/ft = Minor rehab20$ per sq/ft = more serious rehab$25 per sq/ft =. been gutted and needs everythingThis doesn't apply to major things like Roof, Foundation, A/C, etc because those can vary greatly.

Thank you @Cassi Justiz and @Jason Richards that was my gut feeling as well. 

I have a 1950s ranch home in Nashville that will be gutted and renovated with a focus on deep energy retrofit and building envelope improvements.

In general, are there any good strategies to choose, besides gut feeling :)Thanks!

The "gut feeling" part is going to happen in person at the showing....not on the phone

If these popped up on day 1, they may deny it as evident pre-existing condition.....hard to know for sure but my gut would say they would have given you are hard time about it.

This house was a complete gut job.