Total Gut Renovation

Speak to an architect. I would think average $250k for a gut on that size. You could go for a little less and certainly more depending on materials and whether you move walls, rip up floor, etc.

Before you do anything, create your own checklist and try to come up with a ballpark number.
For 1,000 square feet here's my rough guesstimate.

Kitchen (with new appliances)- 30k
Floors - 10K
2 Bathrooms - 16K
Electrical & Plumbing - 8K
New Windows (15) - 6K
New sheet rocks & paint (5k)

75K to start off. Take this number and x it by 1.5. I say the cost is closer to 115-150K for a 1,000 sq feet unit.

Thank you for the suggestions and information!

Would building permits and architecture fees be included in those estimate or are those separate expenses?