Need help - 24 unit apt. complex needing rehab/remodel.
Hi folks!! Great place with a ton of info!! Also, I'm a new member here and full of questions!!
I've recently endured a eminent domain settlement and have to re-invest the monies via 1033 into something.
I'm looking at a 24 unit apt complex here in CO. The square footage is about 19,000 and each unit is a 2BR/1BA roughly 800sq/ft each. I need help in two fronts:
1. Valuation of current condition.
2. Estimation of rehab/remodel.
I'm pretty sure that my offer on the property in it's current condition is going to be determined by extrapolating the costs to rehab versus what my projected income will be.
What I need help with determining is what it's going to cost me per sq/ft to do the rehab/remodel.
The complex is vacant, and has been for 2 years. It's going to need pretty much everything. From the outside, we're going to need landscaping, parking lot re-sealing, siding, windows, entry doors, french doors, decks(approx 8x10'), and roof.
Inside same thing. Furnace, hot water heater, flooring, kitchen, bath, doors, molding, evaporative cooler etc.
Basically, the electrical, plumbing, and foundation/framing are all that is intact and will remain.
Rents are varying from $525-$625 here so a potential gross income of $151,200-$180,000 is possible.
It seems as if the range of $25-$50sq/ft seems to be the normally quoted cost to remodel/rehab, but it seems as if that pertains to residential houses, and I'm figuring that I might end up on the lower end of that scale due to the rentals and my desire to install lower end stuff.
All the units have separate deeds, and if I get the place, I'm planning on completing the entire outside, and then attacking one unit at a time and renting them out as I go. I also plan on holding and managing it myself ans there is space for 30 additional units in which I would like to develop when the market turns around.