First time rehabbing a SFH in Indy

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First time rehabbing a SFH in Indy

Caleb Clay
Lexington, KY · Member since 2018 · 36 posts · 11 votes

This is a quote that I got from my property manager that is Indianapolis. I typically buy B or B+ to prevent major rehabs but this is a C- property. The house just has a couple couches and empty liquor bottles to trash out as far as I know. House is a 3/1 with 1150 square feet. Does this quote look reasonable or am I getting taken advantage of? Thanks! 

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  • Ritch Bonisa
    Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
    7y

    @Caleb Clay  I do alot of rehab and look at costs on a weekly basis.  This looks reasonable to me.  Someone will jump on here and probably say it's high.  Truth is contractor will have some costs into this, so I think pricing here is justified. 

    These are difficult for contractors.  There isn't enough going into it to make it look GREAT and the costs sort of dictate something "not too elaborate".  These can be the one's where no matter what - we end up not being happy with the rehab and the quality level.  

    One of the problems here is that there is not enough detail in the estimate.  Hard to analyze costs when we don't know what is happening in which room.  And an example might be the difference between painting a wall and "touching up".  In our own homes, we would paint the entire wall to make sure we get a good match, on a rental "touch-up" and a job like this - we might end up with "blotchy-looking" sections.  So, it's all about expectation and translating that into instructions prior to rehab.  Overall, I would get more detail on what is happening and where it is happening. 

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  • Andrew Flora
    Rental Property Investor · North Vernon, IN · Member since 2018 · 136 posts · 192 votes
    7y

    This seems reasonable to me.  If you want to save $2k make the three hour drive up and spend the weekend. In about a days time you could rent the dumpster throw out the furniture, remove the old carpet, and paint.  Those are all easy jobs that require sweat but not skill.  Then most large home improvement stores like Lowe’s, Home Depot, etc offer free installation on carpet if you buy from them.  

    If you want a hands off approach this is not a bad deal.  Everything here seems reasonable +/- $500.

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  • Caleb Clay
    OP
    Lexington, KY · Member since 2018 · 36 posts · 11 votes
    7y

    Excellent. Thanks for the input guys! I think I am going to just let them do their thing and get some before and after pics to make sure they are doing what they said they would do. Also thinking about replacing vinyl tile of some sort in place of carpet. I expect this to be slightly more than carpet. I am correct in assuming this? 

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