Rehab Cost Breakout Dayton Ohio

10 Replies

Hi everyone,

I am looking at properties and running numbers for BRRRR deals. As expected, the most difficult part of running the numbers is coming up with realistic rehab costs. Does anyone have an itemized rehab contract they wouldn't mind sharing with me?

I am hoping to make a file with estimates by materials and average time for each activity. Would be more than happy to share this with those who need it, but first I need a few examples of prices people have paid in the past.


Thank you!

John

@John Mazzella the last 11 C-class renovations we have done all turn out at $10-12/sq.ft....basically a standard heavy cosmetic rehab with new range and fridge...HERE is an example itemized scope broken out by materials and time. Remember, this is very basic...and these can get quite complex and detailed depending on the scope.

These were;

  1. Demo/ cleanout
  2. Prep & drywall
  3. Prime and paint all walls, ceiling trim
  4. Prime and paint cabinets- add new hardware
  5. Install new counter tops, sink, and faucet
  6. Install LVP flooring in bath and kitchen
  7. Carpet squares in living and bedrooms
  8. Replace all light fixtures
  9. Replace all plumbing fixtures (sometimes toilet and sink/vanity)
  10. Add medicine cabinet
  11. Refinish shower/tub
  12. Add wainscot and top rail
  13. Add new door hardware throughout
  14. Install new appliances...

If you are planning for exterior work like replacing a roof, masonry work, adding siding or windows and doors your budget will double...if you are replacing mechanical systems like furnace or a/c or water heaters...your numbers will change drastically …

Most of this stuff can either be estimated per unit or sq.ft. and you can get 80% accurate and build in contingency...

What is the type of property, the sq.ft. and is there exterior and interior work...what about the structure...is it good...drainage good? appliances present and working?...how are the mechanical and electrical systems?

This is all "in-house" costs...no materials markups and labor rate of $25/hr...you will be looking at a 10% premium on all materials and an undisclosed labor rate with a contractor...

@John Mazzella Now you also have to know that materials have gone up in price some as much as 3 times , some things can be back ordered for weeks . Contractors are swamped with work due to covid and people spending money on their homes .  There is lack of inventory in lots of areas and with interest rates so low , investors are competing with end buyers deals are scarce . Contractors dont care if you are an investor or not , the price doesnt change unless you are feeding the company 10 to 20 rehabs a year . Dont think there are discounts . 

Right now getting a cost breakout may be good for 10 days , 20 if you are lucky . 

@John Mazzella

I would be VERY LEARY of using the numbers that Brandon gave you above.  As an investor my self in Dayton and owner of a contracting company that works specifically for investors I wouldn't / can't touch those prices.  If I found someone that could do it for those prices I'd hire them ALL DAY LONG!!!! As he mentioned those are in house prices paying an EMPLOYEE not a contractor, and not the normal cost that you are going to find.  I think you will find the price to be 2-3X what he quoted.

Hmm hasnt been very hard for me the pm/contractor walk the property and tell me how much the rehab will cost

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