What is the Repair Estimate for This Rental Property?

14 Replies

Hey guys,

Here is a link to a video and some pictures of a property that my partner and I are considering to sell.

Rental Property Pics and Vids

It seems like the property itself is a total rehab. Problem is, the community this property is in is a rental community, not a fix and flip community. Judging by what you see in this video and the pictures, what do you think the repair cost would be to make this house acceptable just to be rented out?

@Chadwick Cadet based on what I see, it is very likely a teardown. There looks to be very little that is salvageable, but, if you wanted to bring it back to the studs and try to renovate it that way, I'd say you're looking at a minimum of $70k

I live in a town with pretty low property values.  A house in a condition like that would sell for $2000 in this market.  If it was in good condition, it would sell for $10k to 15k.  There are people in this town that buy houses like that and do all the work themselves, then rent them out or sell them.  Find someone like that and get rid of that property.

@Chadwick Cadet that's what it looks like to me. From what I saw, it's a gut to the studs. New electric, probably a replumb, new roof plus roof structure, drywall, insulation, and then the interior remodel. It adds up fast

You are going to have to tell us some basics like where the property is located, and how many square feet it is, to get even a super ballpark answer on repair cost.

Repair estimates vary greatly depending on who you know and what prices you can get things done for. Start going through item by item.

Roof: 3500

Flooring: 2808

Trashout\dumpster: 800

Windows: 180 Each

Exterior Doors: 420 Each

Interior doors: 200 Each

Cabinets: 2800 Each

 Electrical (no clue what yours looks like)

Plumbing (no clue what yours looks like)

Bath: (tub/Shower/Toilet/Vanity/plumbing) 2400

@Chadwick Cadet  You're basically rebuilding it, but it's more challenging because you have a lot of work to do before you can start.   It's pretty much worthless because it would take every bit of $70k to rebuild.  

You might want to market it as land with a tear down on it.