Estimating repair costs for unusal conditions
I have been evaluating real estate deals for flip properties & rental property opportunities and have been struggling with estimating the repair costs for properties that are stripped or are requiring more work than the standard renovation upgrades.
I am hoping this post with provide some real world average estimates on what it would cost to complete the renovations in the two examples below.
Example 1: Home was located In a forest fire burn zone where the home was destroyed. The Home was re-built new but the interior never completed. The exterior has been completed with new windows, doors, siding, trim, roof etc, but the interior needs walls framed, electrical/plumbing/hvac, insulation and finish work completed. Essentially all I have is a shell of a home.
With all the work being contained with the interior of the home, what would be a realistic estimate to contract the remaining portion of the project based on sq footage?
Example 2: Similar project as Example 1. This home also has exterior work completed and home is sitting on top of a new foundation. Again the interior is remaining to complete. This project has walls framed, wires ran to the outlets/boxes but no insulation, drywall, paint/texture, trim or flooring.
Same questions as above- what would be a good estimate by square footage to complete the rehab from its current state?