Estimating cosmetic upgrades

[Mark Huang]

Hi everyone,

Is there a good way to estimate cosmetic upgrade costs to refresh a property to improve it's marketability for renting out? I imagine it would be on a case-by-case basis but just looking for general guidelines to help out with projections (still looking for first deal). If it helps, this is for multi-family in Southern California and I was thinking things like repainting interior/exteriors,  redoing flooring, redoing front lawn (if available), recaulking bathrooms, redoing countertops, etc.

Thanks!

[Joseph Gozlan]

Hi Mark Huang

There is a huge difference in costs if it's an A class vs. C class.

You will get different prices if you paint 3 apartments vs. 300 apartments.

And there is also a difference in turning units vs. just doing "make-ready" between tenants.

If you would narrow down the question we might be able to help with more specific numbers.