What are your cost per room or per sq. foot for rehab

Question

I am looking to do flips & BRRRRs in the Chicagoland area. Primarily in C+ to C- neighborhoods...60619, 60620, 60636, 60637, 60638, 60609 are some areas I've been making offers. For individuals doing work in these areas what has your average cost per square foot been for your rehabs. Or the cost per room. Such as bathroom, kitchen, etc. Assuming your using a GC and medium grade finishes. I understand this won't be exact, and every house is different. I just want a way to do a quick evaluation. Anything you offer can help.

David Avery · Answer

From doing over 2600 flips as a contractor hopefully I can give you some answers and your welcome to ask me any additional questions.

Take the product cost and double it. That is pretty accurate almost to a exact cost . If product is $4500 then labor will be close to $9000 for a total of $13,500.

I ( contractor) bring three things to the table, cost, quality, and quickness.

Make sure you understand these. You cant have all three, if the contractor does great work and is fast then his price is high.

Kitchens can be from $3000- $9000 in labor

Bathrooms can be from $2000-$6000 in labor

Bedrooms can be from $500-$3000 in labor.

All depends of condition, Square footage and also scope of work.

please vote and good luck

Jonathan Klemm · Answer

@Jalon Scott - Taking on a big rehab on your first deal is admirable make sure you build the right team first. I've worked for a massive GC my entire life so I am grateful for the competitive advantage, but more importantly, it allows me to help newer investors avoid easily avoidable mistakes.

I haven't worked down in the area you are referencing, but I can give you some ballpark numbers on construction costs for gut rehabs and all the details. PM me and we can set up a time to chat.

Lynnette E. · Answer

I estimate based on SYSTEMS rather than rooms. Roof, HVAC, plumbing, electrical, kitchen, bath, walls, floors, foundation, ceilings, etc.

I have found that what costs is when the entire house needs to be replumbed or there is no heating and air, or the roof is bad, or the floors are falling in, rather than the cost for a bedroom rehab.

Then again, I buy foreclosures and they tend to be worse than regular housing. You want to hear about the 3300 square foot house I bought with a 'new' 30 foot by 25 foot kitchen addition? Beautiful it was...and also build on an old deck with 4X4s pounded into the ground as the footing, no foundation at all. No bedrock, no cement, not even a stack of stones, nothing to keep those 4X4s from slipping in deeper and deeper, which is what they do with the weight of a kitchen and the help of a few million termites...and being the old deck/back patio...as in 1920 house. Weebles wobble, but they do not fall down. That is not true of my kitchen. It is falling and can not get up. No cost estimate could ever have guessed the cost of this mess.

Erika Carter · Answer

Hi there! I specialize in those areas. On south side, we generally dont go by sq ft/rooms, we estimate cost by property type, example a ranch home full gut will be around 65k, and then we deduct what can be salvaged/saved.

Henry Lazerow · Answer

You can save a lot on supplies by really shopping around and using contractor discounts. I don't base rehab by sq ft in Chicago and do it instead by how many kitchens, bathrooms, are we running new hvac, etc.

Deonte Palmer · Answer

@Jalon Scott I have a contractor that helps me estimate all my repairs. I have a few homes under contract in those zip codes I wholesale maybe we can connect?

Peter Halliday · Answer

You can’t develop a rule of thumb unless you want to get burned. Some thinks scale with square footage and some don’t The specifics will make you or lose you money?

Each area had different potential features you’ll need to focus on. The contractors prices are also different in different areas.

After enough experience, you’ll develop some ways to estimate. My techniques may not help you. There’s no shortcut to developing a detailed scope of work, contingencies, and getting estimates.

What are your cost per room or per sq. foot for rehab

What are your cost per room or per sq. foot for rehab

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