Average cost of light to medium rehab in the Bay Area
Hello Bigger Pockets!
I understand this topic will be very different for every property depending on the choice of material, amount of rehab, permits, etc. But for simplicity's sake when analyzing various deals and being as efficient with time and not spending countless hours on one deal, would anyone happen to have the cost of square footage for any recent rehabs in the Bay Area? Anywhere between a light to medium rehab would be preferred as that is what I am shooting for. The reason for this question is I am trying to analyze as many deals as possible in order to submit as many offers as well without having to spend 1-2 hours on a single property just so the numbers do not work. Any response is appreciated. Thank You!
I'm not sure how helpful a square foot estimate would be. For example, a kitchen will cost far more than a living room because you have cabinets, counters, backsplash, appliances etc, but maybe you find a place that has outdated but well built cabinets that just need to be painted and new hardware added which will save you a lot. You can find some really nice flooring for <$1-2 SF that are perfectly fine for a rental or a flip in a middle class neighborhood, but if you are in a high district the buyers will expect more. Or if a house already has dry wall that just needs a fresh coat of paint, that will be a lot cheaper than having to put new drywall in that will also require paint.
At the end of the day, it varies. It's better to look at each property individually and see what needs to be replaced, what can be touched up, and what can be left alone and what scope of work is appropriate for your intended use (LTR, STR, flip, etc).
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#3 All Forums Contributor
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If you figure $400 SF or thereabouts, you will be safe. Could be less depending on finishes....
I would look at it differently....
Paint, look at it by room or similar...a 1bd/1ba going to be about the same cost, because they are all about the same size... Same with 2bd and 3bd etc...I wouldn't go down to a sqft for this rather a ballpark based on bed/bath count....
Flooring, definitely use price per sqft. 10bucks a sqft is healthy estimate that would leave you a ton of options and cover install /prep. If you did it yourself you could cut that down to half or lower...
Kitchens, get a base idea...those can go a million different directions, but most probably need appliances and countertops which are simple enough to estimate.
Bathrooms, same thing...paint and floor go long ways...maybe update lighting and hardware... inexpensive and way less then a new bathroom.
Misc stuff like blinds/lights...just know what that stuff should cost and then ball park it...
Most stuff on MLS needs simple updates like mentioned above to get it rent ready vs a full on rehab....
Then if you can get an offer accepted you can fine tune it once you get a counter, again once you get it accepted and inspection done... That's where the magic happens, because then you can really take the time to dial in the numbers.