Have you considered the following?
Does it need a ceiling, carpeting, any additional electrical work? Are there windows to deal with? Is it heated and air conditioned, or does that need to be added? Insulation, phone jacks and wiring, etc.?
All this should be considered before the "finishing" is complete and all may affect the cost.

[This message has been edited by rpxlpx (edited October 30, 2001).]

I'm aware that these items will all effect the price. However, I'm trying to make a go/no-go type decision. Assuming a very simple job, if the cost is going to be $20K, then I'm not going to do it. If the cost for the simplest possible job is $5K, then it seems reasonable that the true cost with all of the "extras" you mentioned will be do-able.

Why don't you just call a couple of local contractors and get a bid of the complete job?

I finished my basement (900 s.f.) myself a few years ago. Materials excluding flooring was about $2000. I had a commercial grade berber installed and it was $3200.

Your material costs would be a bit less, but not much. To pay someone to do the work will equal material costs.

For a ballpark figure, a minimum of $7500. $10,000 is probably closer. A lot depends on where you live and how busy the builders are.