Nothing is cheap on the Cape unless you're a long-time year-round resident (and even then...) My parents bought a place about 15 years ago in mid-Cape and spent about $75k to do a gut-remodel of the kitchen/mudroom/bathroom. And that was without any particularly fancy finishes (most common granite etc) and with the benefit of a relative who had lived on Cape in the same town forever.

So I doubt you can do all you hope to do with $150k.

DH and I are looking to purchase a beach home. Our budget is about 500-550k. We found this house below which is in a perfect location but would need a total renovation. Given the numbers we would have about 150k to spend. How much would a complete renovation including installing hvac and basically ripping out and replacing everything from floors to walls to bathroom to kitchen cost? House is 1200 square feet.

http://www.trulia.com/property/3204399700-2-Elysian-Ave-Falmouth-MA-02540