GC QUOTES VS ACTUAL REHAB COSTS
Okay guys! So I've been crunching some numbers on a deal and I have my formulas that I go by with rehab costs but as of late I have been getting some crazy quotes from general contractors.
This is a deal in Nashville:
It is a 944 square foot home that needs EVERYTHING top to bottom. It is a complete gut: Foundation, Electrical, Plumbing, Roof, Drywall (walls and ceiling), Additional Bathroom, Cement Driveway, Back Porch, Landscaping, EVERYTHING.
I was originally quoted:
$152,000 = $161/sqft
$70,800 = $75/sqft
$65,000 but due to increase in materials from COVID he is adding an additional $9,000. So $74,000 = $78/sqft
What I am asking is... from experience, what are the actual costs per square foot on average (In Tennessee) for a:
-Cosmetic Job (Small project: paint, flooring, new kitchen)
-Mid level Job (Needs new roof, HVAC, or foundation work) + Cosmetic
-High end Job (Complete gut)
-New Build
Thanks for the help guys! I know it can be subjective but I just need a rough estimate. Some of these quotes are making me second guess the years of experience I have. I get that things have shifted due to COVID but it can be that insane!