Gut check my quick & dirty rehab cost estimation?

Question

Sorry moving this to the appropriate forum. @Moderators is it possible to delete this post?

Hi BP,

I am considering buying my first BRRR property with significant rehab costs associated with it. I tried to estimate costs without getting bids (through a combination of local website prices to average costs in my area googling). I know this will not be all that accurate but I want to know if I am in the general ballpark for this 3-family all-brick 3200sq foot building (2 stories) in St. Louis, MO.

For the kitchen and bathroom remodels, I am less concerned about exact figures here I just wanted to allocate a budget towards modernizing them. I am mostly concerned with the other items, particularly the Safety/Structural items.

Any feedback here (see screenshot of spreadsheet).

Kevin Sobilo · Answer

@Eli Kallison, looks ridiculously high to me. Painting window trim $250 each? I would be hiring a handyman to do it for maybe $50 each.

I try to make precise estimates without any fluff, then I have a "confidence" column where I assign a value for how confident I have in the accuracy of my estimate. So, if I am 80% confident, then I believe the estimate will be within 20% of the actual.

Then I calculate a high and low value based on that confidence column.

That gives me a total high and low estimate along with my initial estimate total. If its still a good deal with the high estimate I feel good about things because I will manage the project and try to work towards the initial (middle estimate) knowing that EVERYTHING cannot go wrong and end up at the high estimate.