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Rehabbing & House Flipping

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Garrett M.
Pro Member
  • Rental Property Investor
  • Philadelphia, PA
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180
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Cost of Gut rehab on 1500sq ft in Philadelphia?! Including basement!

Garrett M.
Pro Member
  • Rental Property Investor
  • Philadelphia, PA
Posted Feb 11 2015, 21:25

Hi out there in BP land!

Do you guys have experience with estimating gut rehab costs for Philadelphia? I know it will all depend on who does it and how nicely its done... 

The house is a 3 story, single family, 1500 sq ft. 4 bed/1.5 bath in a good part of Francisville that absolutely needs a gut renovation. It will need everything done, roof, electrical, basement slab, kitchen, baths, flooring, windows. Everything, except for the new furnace, and even the ducting will need to be reconfigured.

It will be a rental and I plan to hold it long term. I want to do it well enough to attract tenants who want something a little better than average. At the same time, I want to save money.

Currently my thought is to hire a general contractor for the job. In my fantasies, I have time to oversee the job myself but honestly I don't have much time available. Any other suggestions for how to get it done? I'm not eligible for FHA 203k as I don't plan on moving in.

I was guessing 75k. 

What do you think? 

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