If you are going to do a lot of the work yourself, and only hire out the work for some specific licensed trades and work that specialty equipment or tools or skill are needed, you sound similar to what my husband and I have done on approx 5 houses in the last 10 years, all similar in age and character and condition to the one you are looking at. I know prices vary by region, and I'm probably opening myself up to a bunch of critical comments from people saying either we spent too much and wasted money in one area, or too cheap in another... But I want to try to offer some help in a possible pricing to help you decide if you want to go down this path or not... P - hire a plumber: varies with the house and whether you add a bathroom, but plan for $5k, assumes they take care of big stuff, roughin the shower, code, venting, but you DIY fixture installations - Hire an electrician: similar to plumbing, varies with the house, but assume $3k for them to do layout changes, code corrections, but you DIY fixture installations - if a roof is needed and/ or painting touchups, fascia repairs, etc: big variable but for this assume $8k minimum - assumes siding is in good condtition, $0k or add more - assumes heat / air conditioning / hot water heater are all in good condition, or add more - assumes water in the basement isn't a problem, or add more for dealing with mold, draintile, grade corrections outside, etc. - Hire a hardwood floor refinisher: $2k - assumes hardwood everywhere except kitchen and bathrooms, otherwise add more for carpet/ new floor in other rooms - windows: Varies a lot if you repair or replace, and if replace what quality, but for this rough estimate figure $200 per window x probably around 20 windows would either pay for repair supplies and hardware, or a cheap vinyl replacement, DIY install. $4k - Kitchen materials: ikea cabinets $4k with butcher block countertops, or add $3-4k for granite, $3k cheap ss appliances, $1k tile and paint, you DIY all installation - Bathroom materials: $2k ( tub/shower, vanity, faucets, ligt fixtures, tile), You DIY all installation, Looks like times two in this house plus $1k powder room= $5k., all DIY installation except for the roughin plumbing notes above - light and door fixtures : $1k, all DIY install - basic supplies: Paint, sheetrock, spackle, sanding pads, hinges, eurythane : $3k, all DIY install - holding costs: depends on tax rates, if you need to heat/cool, etc but if you figure $400/ month for 3-4 months (this would have you and your husband there probably 20-30/hrs a week if you are moderately competent but not streamlined professionals at this), adds a bit more than $1k, more if you have a loan with interest accruing. Soooo.... If I add all of this up, I get at least $40k of fixup costs which is you doing almost all of the work. And I should note these are economical material and finishing choices. And assumes you already own all the tools needed to do the work. If you pay $25 k plus $1k in closing costs (no mortgage fees) you'd have at least $66k in to it. If you later sell for $125k, after real estate commissions and another 3 months of holding costs, you may get $110k. So- best case scenario i think you might potentially take home a little over $40k for 3+ months of work. Or, it could be a lot less profit if you hire out more of the work, if you add a 10% error budget ($4k), need new HVAC ($6k), mold/water issues ($?), extensive plumbing (+$6k), exterior repairs ($3-$15k), if opening up walls triggers other code improvements like insulation and vapor barrier ($2k or more), if you add landscaping curb appeal ($1-3k)..... Hopefully you find this helpful, and can adjust this to fit the house you are looking at, your local requirements and rates, etc. It can be fun to bring these houses back to beautiful, and there can be some money to be made doing it. But it's important to run the numbers upfront so you know what you are getting in to. It also makes the work a lot more fun when you feel like you are doing it "on budget"- noone has fun when things are going wrong or you are stuck midway knowing you are loosing money on it. Another thing that my husband and I do, is we each get a $1k "allowance" to spent on "frivolous" things for the house. Well maybe "frivolous" is too spendy of a word, but for certain as you are going through the project you and you husband will have differences of opinion on what to put in the house: Maybe he likes a $2.99/sqft tile and you don't want to waste money and are ok with a $0.99 tile. If he really likes the more expensive tile, that extra $2/ sqft can come out of his "frivolous allowance". It allows both of you to have input and fun with some minor upgrades, but keeps a cap on them. Good luck if you decide to do this - either on this house or a different one! :-)

A couple of quick ideas--for the best function, I would omit the narrow cabinets on each side of the hood, take the hood up to the window trim, and make the cabinets between the fridge and range wider. You'll need filler or a pullout to the left of the fridge, to allow the door to open fully, so your choice will determine the width of the cabinets to the right.In the corner, I'd use an EZ Reach type door on the upper, or if none is available in your cabinet style, run the uppers straight to the window wall. If you don't care for the way that looks, then center the range and hood between the fridge and window, with no uppers:

I don't really see the advantage of the peninsula in the double L from the original post. I think the traffic flow would be much improved (especially around the refrigerator and range) without it. You could also move the sink closer to the nook, which would help the traffic flow to the DR (especially with the DW open). You'd lose a bit of storage, but corner cabinets are not ideal (were you thinking a lazy susan/super susan, or did you think you would access that cab from the other side of the peninsula?) The ideas put forth by Mama Goose and RL are great, but I wanted to throw out a less ambitious (i.e. cheaper) suggestion.

Thank you! I hated to have to get rid of any of the original elements of the house, and tried to salvage what we could. The cabinet hinges and hardware were not original though and were probably added sometime in the early 70s when the house was moved to its present location. The wood ceiling did not extend to the breakfast nook and unfortunately when we removed the wall between the nook and kitchen, we found that the ceilings did not line up properly and had to do some work to correct that. There have been a lot of changes to the house that predated us. When we took down the walls in the breakfast nook we found that there originally had been 5 windows- at some point previous owners decided to board them up and drywall over the top!