Hello BP'ers, I'm evaluating a flip in Indy (46201 zip) to convert a 1 BR / 1 BA to a 2/1 or even a 3/2. What cost per square footage number do you use to evaluate those costs?
Thank you in advance!
Super vague. Depends on a ton of things. But additions run $60-$200/sqft. That’s a good zip though.
@Josh C. Thanks for the reply. Yes, lots of variables to consider.
In SoCal I segment costs for rehabs and constructions to quickly ballpark and evaluate if the deal is viable. If that looks ok, then a more detailed calculation of cost follows. See reference below.
If it's relevant for Indy, how would you adjust these numbers?
$25/sq. ft. - Cosmetic Rehab (Paint & Carpet)
$35/sq. ft. - Medium Rehab (Bathroom, Kitchen, Roof)
$50/sq. ft. - Heavy Rehab (Full gut)
$100 / sq. ft. - Basic add on (Bathroom, Bedroom)
$250 / sq. ft. - High end add on
Your paint and carpet numbers seems really really high. And you full gut is unrealistic. I’m personally done several full guts and never been close 50/sqft. 100/sqft is more like it. (To me guy means redo everything but the some of the framing) While we paint and carpet rentals by the handful for 4K or so depending on all the other little maintenance factors.