What Is The Average Percentage Cost Estimate Of Condo Conversions?

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I am looking at purchasing my first multi-family to convert into condos and wondering if there is a formula or standard average percentage used to compute the cost of converting (i.e 5% of purchase price or something like that).

Also, how does the 70% ARV play into this scenario?

For example, assume it is a two-family home, selling for $500,000. The cost of condos on the market in the area may average $375,000 each. Using the 70% rule, The ARV would need to be at least $715,000. Assuming you could sell each condo for $375,000, for a total revenue of $750,000, it sounds like a good investment. However, what amount of this would go to the cost of converting?