Estimating rehab costs here in North Carolina

3 Replies

@Alfred Johnson We're (more or less) right up the road from you in Southern, Virginia. To answer your question, it depends. I just finished two bathrooms in the past several months. One was a higher end master bath that ran $80/sq ft. while the other was a fairly simple tile floor, set new cabinets, toilet, etc for $55/sq ft. It's going to be totally dependent on the finishes that you choose for your kitchens and bathrooms. 

You didn't mention what type of property that you're working on (flip, rental, etc). We might be able to help you out with suggesting some finishes based on your end goal. Bedrooms are pretty straight forward because there isn't a whole lot of "extras". Again, the scope of your work will determine price. Obviously, a complete gut job is going to cost more than a simple cosmetic makeover. Let me know how I can help you and I'll be glad to assist any way that I can. Good luck!

@Ben Sears Excellent, I apologize for omitting information as I need all the help I can get. The subject property is a buy and hold for now to stay in accordance with the primary property for a first time home buyer. I did notice that the kitchen would definitely be an opportunity to add value and thus equity for the borrower. So I am looking at trying to find some decent general guidelines when submitting this opportunity as maybe a flip for one lump sum later or perhaps a rental property down the road. Mr. Sears, you have been awesome for getting back to me as quickly as you did and to offer your expertise. It looks like I'll have to consult a copy of the J. Scott's book regarding estimating repairs too. 

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Hello BP community-Fantastic, I just received my copy of J Scott's book :the book on Estimating Rehab Costs! Excited to read for understanding then application. Just had a question as I looked at J Scott's ARV primer: How does one determine the repairs of the subject property when I can only see the last time the comp houses were renovated? These comp houses are inhabited and all one could do would be to assess the outside of the properties. Just tossing it out there for clarity. I'll get to my reading. Thanks.