Halfway remodeling a small bathroom...?

We have a small bathroom that has the original tiles on the floor and halfway up the wall, as well as on the countertop. I would like to remove the tile on the floor and wall and remove the vanity all together. Would it be expensive and difficult to remove this stuff and then replace with a new (low cost) vanity, put sheetrock on the wall (where tile was previously), and put 12X12 ceramic tile on the floor? The floor space is about 5ft. X 5ft. so there is not a large space.