@Douglas Miller Big question is after you fix it up will you be listing with an agent/broker or selling FSBO (for sale by owner)?
If you are listing with an agent, that means you will be paying them at the time of the sale. Make them work for the money just a little. Have them give you ARV comps by running a CMA (competitive market analysis) and giving you a BPO (broker price opinion). Next, have them walk the property with you. They will let you know if you need to upgrade the kitchen and install an HVAC because they know what the other homes in the neighborhood have. You don't want to over / under upgrade your flip. When I close on a house, before I meet with any GCs I always walk the property with my listing agent. I get her input because she is the one that will have to sell it. I don't always take her suggestions but it gives me a good idea on what to do.
Kitchen Gut (medium grade SS appliances & Granite) - about $40/sq ft
HVAC - Duct work - $2.50/sq ft
HVAC - Compressor - $1,750 + ($1.00/sq ft)
HVAC - Heating Unit - $2,000
Those are quick estimate numbers that I have found to be good for North Texas. Your market may vary.
If you are selling FSBO, then you will have to cobble together a CMA by looking at zillow, redfin, and the county assessor's website. I also suggest touring as many open houses in the area as possible to figure your finishout standards for the area. There is no easy way to tell you what will give you the best return because every neighborhood is very different. What is expected in one may be an over the top luxury in another.
MY ADVICE: If you are asking these questions, you need to find a listing agent to work with and get their opinions before jumping in and deciding what to change/upgrade.
There is no magic forumla or spreadsheet here. The key is to get to know your market.
You need to know what rehab works adds value and what does not. You have to find that sweet-spot where any rehab work you do puts money in your pocket and is not money down the drain.
I know markets where adding granite countertops won't get you $1 more in price (although it may sell faster) and other markets where granite adds a lot of value and it is hard to sell it without. In the first one, I would not install granite and in the second it would be a no-brainer.
Rehab costs will vary depending on what is in demand in your sub-market.
Thanks I’ve got a comp on the property through an agent and ran my numbers with repairs and I will be selling the house myself. Thanks for the advice
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