That's a wide open question!
In addition to my real estate company, I am partner in a general contracting firm in the Chicago suburbs.
There are so many variables involved in your question that it's impossible to answer to any degree of accuracy, even if you said the house was just down the block from mine (or any other reputable contractor.)
So here are just some of the considerations:
1. Was any past work done without permits? If so, will this work have to be redone to the inspector's satisfaction?
2. You say it has good bones... even so, are you sure there is no hidden damage from a roof leak in the attic? Are there termites or other wood-destroying insects lurking around? In other words, have inspections been performed to ensure there are no latent defects that will need to be corrected?
3. Are you going to do any of the work yourself or will this work be performed by a licensed contractor?
4. Are you going to use high quality materials or builder grade?
5. Does the 1970's electrical system need to be upgraded? Is it copper or aluminum wire? Is the main panel good or is it a fire waiting to happen?
I'm sure you get the idea... A project like this needs thorough investigation.
Even after over 35 years of remodeling homes and learning a few expensive lessons along the way, I still employ inspectors, architects and interior decorators to make sure the project is a sensible one for the neighborhood.
I wish you luck, if you'd like to talk, contact me at the address below.
Emerald Estates Realty, Inc.