BiggerPockets

wow i'm no expert but that idea that you can generalize repair/rehab/remodel costs based on square footage sounds crazy...

no way to factor in the extent of wear/damage etc...

one rehab project might be mainly a case of new counters, cabinets, kitchen and bathroom fixtures, maybe some new flooring... etc.

another rehab might require re-wiring outdated electric systems, new plumbing, mold damage.... who knows??? i kind of feel like each case is unique

*edit* also you need to factor in location. i doubt you will find contractors in new york, for example, who are willing to work for the same rates that contractors from florida might work for.

Here are a couple of threads that go into what some rehabbers have paid per sq ft, and some even offer before / after photos.

http://www.biggerpockets.com/forums/67/topics/29363-gut-rehab-semi-gut-

http://www.biggerpockets.com/forums/67/topics/21771-gut-rehab-costs

You might also want to look at the "related posts" that show up at the top of the thread for more info.

If you want an idea of how accurate those numbers are, try calling a 5-6 contractors and ask for a square foot cost. My guess is you will be lucky to get an actual number out of them.

The more precise the information you use for your estimate the more accurate the estimate. When you are talking square foot costs for a building they can vary greatly. As you break down your estimate into smaller more manageable pieces such square foot cost for a particular room your estimate accuracy increases. As you break down a room into individual components such as flooring, painting, trim work, your estimate accuracy increases even more.

If you are just starting out I would estimate the work with as much detail as possible just for the learning experience. Relying on a rule of thumb for remodeling or rehabbing work is just asking for trouble.

Those numbers sound optimistically low however one persons designer update isnt the same as anothers. I would stay away from using $/s.f. alltogether. You need a way more specific handle on your costs. Go line by line, item by item and get bids from your contractors after they've seen the property. There are way too many variables to just use a blanket $/s.f. number. I hope that helps.

Absolutely. I think $75 per sf might be more realistic in my area for a complete gut and rehab - and maybe even higher depending on the type of work and the area.

If contractors are in high demand in an area then it's going to cost you a lot more to hire out the work. Sometimes good ones are so busy that they throw out ridiculous prices - they don't really want the job but figure if you'll pay THAT much they'll take it - and people still do.

In MA and NY, tradesmen can certainly make six figures if they're good and good at running a business. You're competing with all the yuppies and businesses for their time :-(

We've done rehabs in both California and Texas. Costs can fluctuate greatly depending on where you are. Try and stay away from calling people from the phone book. We call these "yellowbook" prices. I've found my best resources in Home Depot parking lot hitting people up (I know, sounds crazy) or by referral. Another good way to find sub contractors if you are new to an area is to walk onto jobsites, check out their work and ask for their number. We moved out of state to rehab houses and had to start from scratch finding subs and managed to pull it off seamlessly, even netting 6 figures on our first project there.Good luck!

Anyone claiming you can factor your costs of a rehab by sq. ft. is either a fool, or a guru pitching some BS product for you to buy.
There is NO way to put a price per sq. on rehab work even if all the rehabs were in the same state!
Costs vary widely per state and even per city. You also may have to put in an entire kitchen in one rehab, and not in another. By that methodology, your price to rehab both scenarios would be the same which is ridiculous at best.

I am a rehabber as well and I can tell you that the ONLY way to estimate yoru costs is to have the knowledge and experience necessary to know what specific items cost so that you can plug THOSE numbers in, not some GENERIC formula.