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My friend who is an expert at gutting houses and rebuilding them (he does beautiful work), estimates that rebuilding will run approx. $25,000 for each floor including replacing pipes and the oil tank (so $75,000 - $100,000 additionally on top of the $325,000).

Rule of thumb for remodeling: Estimate material costs, multiply by two, estimate labor costs and time required, multiply by three.

That should give you a realistic ballpark estimate.
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