Help Estimating Rehab Costs?

[Justin Case]

Hi all,

Investing newbie here. I'm hoping to use the BRRRR method on run-down small multi-family properties in Connecticut. I found a duplex on the MLS that's in bad shape and am trying to estimate the rehab costs (pictures below). My back-of-the-napkin rehab estimate is as follows:

• Drywall: $20,000
• Flooring: $18,500
• Windows: $17,000
• Bathrooms: $16,000
• Roof: $12,000
• Siding: $10,000
• Paint: $9,000
• Cabinets: $8,500
• Appliances: $8,000
• HVAC: $7,000
• Doors: $5,000
• Counters: $4,000
• Contingency: $15,000
• Total: $150,000

Obviously, there are wayyy too many unknowns to accurately estimate rehab off of just a few pictures (e.g., what's the status of plumbing, electrical, any structural issues, etc.).  However, at this stage, I just want a high-level check on whether I might be in the ballpark.  Is there a reasonable chance I'm within 20% of the total rehab costs?  If I'm certainly way off-base, I'd rather not waste a contractor's time asking for a quote on a project that's most likely a non-starter. 

Any and all feedback would be greatly appreciated.  Thank you!

[Will Barnard]

• Drywall: $20,000 - If you need to drywall everything new, then yes, otherwise, could be less.
• Flooring: $18,500 - ~2200sf laminate flooring labor and materials = $11,000 (excludes demo of any existing flooring)
• Windows: $17,000 - If 24 windows, then expect to pay $14k-$15k plus demo of existing plus any framing needed (edit sizes or fix bad framing)
• Bathrooms: $16,000 - for 3 bath full gut remodel, this is too light. You can expect to pay $10k per bath including tile, vanity, counter top, mirror, faucet, hot mop for shower (or tub if its a tub shower), shower plumbing fixtures, glass enclosure.
• Roof: $12,000 - Probably about right.
• Siding: $10,000 - Seems light to me and siding needs to be painted once installed.
• Paint: $9,000 - This is low considering you will have exterior paint as well. Expect closer to $15k+ Looks like you have to paint the siding and the facia boards too on exterior plus overhang of front doors. - Perhaps fencing too?
• Cabinets: $8,500 - Could be $10k since you have 2 kitchens to do (bath cabinetry included in bathroom remodel figure above)
• Appliances: $8,000 - For a duplex, you need to sets so this seems right to me. If you do not include refrigerators, you could bring this budget down some.
• HVAC: $7,000 - For 2 full new systems (furnace, coil and condenser), this is too low. Systems will run $7k each assuming ductwork is already in and in serviceable condition.
• Doors: $5,000 - Probably ok with this budget may may go over depending on total quantity of interior.
• Interior trims: $2000
• Counters: $4,000 - Should be ok with this, perhaps slightly low depending on type.
• Contingency: $15,000 - Great.
• Total: $150,000 (need to edit your total now based on above and below:
• Electrical: ?? Unknown at this time but you will have new light fixtures, perhaps add recessed can lights? exterior lanterns, etc.
• Landscape: Unknown 
• Rough Plumbing: Do you need to upgrade to copper or Pex plumbing? Water heater? Sewer lines? Supply lines?
• Demolition: Figure at least $8k for demo (including window & door demo, trims, exterior, drywall - if plaster on walls and ceilings, figure more in demo due to weight and time to demo), trash bins, haul away, etc.
• Fencing: Unknown
• Driveway: Unknown
• FRAMING is any wood studs, facia, wood around doors/windows, etc. Finish framing would be install of doors and trims. Rough framing is studs, beams, windows/flashings, etc.