I am currently practicing analyzing deals but something that always stumps me is determining what need rehabilitation and how much it's going to cost. A lot of the videos I watch people know right away because of there experience. Is there a way I can learn about rehabilitation?
These are Florida Estimates for Rehab. This is very important because Rehabs Fail because the cost of Rehab is not estimated properly
These Estimates are based on a typical 3/2 home that is approximately 1200 Sq Ft. This is a very rough estimate and are handyman prices not GC prices.
Central Air $3500 for new A/C unit.
Ductwork estimate $800.
Paint exterior $1500-1800
Landscaping, removing trees, depends on house but $500-1000
Removing tool shed or items from back yard $500
Roof estimate about $200 per square (100SF) of roof. 1200 SF house roof around $7k-$9K
Septic System/ Drain Field $5-$7K or more
Windows can be very expensive and require permits in Fl. about $500-$1000! per window.
Remove or fix fence $500--$1500
Tent Termites $1400
Flooring about $2.50 per SF under air
Kitchen sink and granite estimate $$6500
Electrical entire house wire with electric panel $3500
New doors, locks, ceiling fans, wall plates for outlets and switches $1000
Interior Paint $1500-1800
Drywall $6000K to redo drywall for 1200 SF house which is $5 SF
The best houses to remodel are houses with good roofs, good central air units, nice yards, no plumbing or electrical issues and NO swimming pool. So basic repairs for 1200 SF house are approx. $20,000.
Hope this helps! Rita
No algorithm is going to spit out a correct number . That comes with experience and experience alone . Hire a contractor who does have experience and have him show you and do estimates on the fly