Rehab cost estimate in upper state NY (Albany)
Hi All,
We are looking for our first property to invest in and want it to be a multiple family that needs some rehab, financed using an FHA 203k loan.
We are struggling finding a general contractor that can give us a realistic price for the type of project we want to do. We are looking to invest on a neighborhood where rents are between $700 to $1000 for a 2 bed/1 bath and would like our property to be above average without anything fancy.
The issue is that we get quotes ranging from $45 to $155 per sqft!
Here is a description of the latest property we are considering:
Partial rehab project of a 3800 sqft multiple-family brownstone building of 3 stories (3 units) in Troy, NY. Built year: 1890. All 3 units have the same layout (3 bed/1bath) and are redone the same.
- Kitchen upgrade and vinyl flooring replacement (replacing countertops and backsplash with plumbing and sink/faucet with new appliances, we will repaint the cabinets ourselves)
- Bathroom remodeling to include demolition, installation, plumbing repair or modification, and tile flooring (~42sqft per bathroom)
- Convert two bedrooms into one with a walk-in-closet
- For the flooring: Remove all carpet and refinish hardwood floor
- For the painting: patch and repair walls and ceilings and re-paint.
- Verify the existing installation for heating and water heater (new heating system on 3rd floor)
- Remove asbestos insulation and pipes in the basement
- Verify the existing electrical installation and upgrade to support new appliances
- Some windows to be changed and we may consider to change them all depending on pricing
- Repair the roof if needed
We are also considering doing most of the work on the unit we would live in (other than plumbing and electricity) but we really need to find a GC that can work within our budget!
Thanks,
Yoann