Estimating rehab costs per square foot in Bridgeport Ct.

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Hello everyone . 

so im crunching numbers before my first fix and flip in bridgeport ct . Every GC I've called has given me a range in price per square foot . So its a bit hard for me to Guage an average If any of you have rehabbed a fix n flip in bridgeport , what has been a rough estimated for you per square foot ?

The rehab per square foot totally depends on the condition of the house. A few years ago, before the cost for materials and labor doubled, we estimated $35 to $40 per sq foot for properties we looked at from only the outside. Today, I would go with $40 to $50 per sq ft for properties we don't go inside, but you have to look at the exterior to be close on your estimate. I find the costs per sq ft is about the same regardless of every area I've been in throughout the United States with the exception of homes with $10 million+ price tags in elite communities.

I find the use f price per sf on rehabs to be very, very inefficient and very inaccurate. Take for example 2 hones with identical size and bed/bath counts. Home 1 needs a new roof, new HVAC, new windows, and all the rest (kitchen, baths, flooring, paint, landscape). Home 2 needs only “the rest”. Home 2 rehab is going to be much less than home 1 since it did not need the roof, HVAC, windows. 

There are no shortcuts to determining rehab budgets and you must get to each property and assess line item by line item which tasks need to be completed. This takes time and lots of practice. Use an arbitrary price per sf at your own risk!