How much rehab can you do with $30,000

Question

I have heard a lot of people on the Bigger Pockets podcast using $30,000 as a estimate for rehab costs on a property. What can you get done with that amount of money? Let's assume it's a 3 bedroom, single family, 1,500 square foot house for a rental property. I'm in Cincinnati.

Account Closed · Answer

@Anna Taylor

Funny, my first BRRRR was a 3/1 bungalow (1,200 sqf) and the rehab cost was exactly $30K.

The house was pretty rough on the inside. Off the top of my head, that amount covered:

- Carpet, vinyl wood floor, ss appliances, painted everything, bathroom tub and surround, replaced all water lines with pex, all new interior doors and hardware, new seals in about a dozen window sashes, light fixtures, gutters, kitchen counter top and sink, trim, new AC unit, new registers/vents, and a bunch of other little stuff that my GC had to do that added up ($)!

Clifford Paul · Answer

It all depends on your market and your relationship with a contractor.  I just completed a down to the  studs completely new everything for $35,000. Did a larger house 1975 sq ft for $45,000 and that included removing pool, $15,000 sewer line reline, new sprinkler system and sod. Asking on here is going to get a lot of guesses but what you should be asking is average price per sq ft for rehabs in your area.

Aaron K. · Answer

A lot, if it is cosmetic not much if it isn't. $30k will get you brand new paint, flooring, kitchen, and bathrooms

Brent Paul · Answer

It really depends what it is you are remodeling and if you are doing the work yourself or hiring out.  You can easily have 30k in a kitchen if you hire out and need to replace cabinets, floors, etc.  In my area to do a 1700 sf house with garage is about 10k to replace a roof from a contractor.  Whereas if I do this myself it's about 3.5k.  If the kitchen and bathroom are in pretty good shape I would leave it as is.  Unless it's extremely outdated.  But that also depends what I paid for the property and what the ARV would be after doing my rehab.