Hello everyone, I have been doing carpentry side work now for quite some time with a friend of mine. Anyway I am looking at purchasing my first home. I really like the style/floor plan as it is a colonial 3 floors with a 2 car garage. Anyway they list the home at 2262 square feet. Although I dont think this includes the basement as this is a pretty decent sized house. Anyway the home was built in 1975 and has had one owner, the home has not been updated since 1975. Nasty shag carpet throughout insanely old wallpaper on all the walls. I peeled back some of the wallpaper and found black mold. various water leaks through out the home in 3 different locations. My friend was saying to save time and money we need to just drywall overtop of the existing drywall/wall paper. which seems like a bad idea to me. I know trying to salvage that old wallpaper/drywall is a loosing battle but i was thinking the best thing to do is rip out all drywall down to the framing and start over. Also curious how much you guys think it would cost to renovate the inside of this home? new carpet, drywall, finish, paint, kitchen cabinets, appliances (not one appliance in the home). Really rough idea 2262 square feet my buddy was saying for 40k we could renovate the entire home.