Need estimate expectation guidance

[Thomas Brown]

New investor here and I’m looking to pull the trigger on a flip however I’m having a hard time picking the right amount to spend on a purchase and rehab because I don’t have an idea of what a full gut should cost. 

Market: Philly- surrounding job suburbs

Typical sq footage: 1000

Rehab quality- class B

I have been told to expect to spend about 100k for a full gut on a property that’s about 2000 sq ft. Not saying this info is wrong just looking for additional guidance and advice. 

And also does this mean a 1000 square ft home should be half?

[Stuart Udis]

I’m afraid whomever told you this is far too light with their budgetary numbers. I don’t like providing  blanket SF costs as there are scopes that differ depending on the home but it’s very difficult to complete a gut renovation on a 2,000 SF home for less than $200,000 if you’re pulling all proper permits and and not cutting corners. Smaller home rehabs will actually cost more per sq ft in most instances because the meat of the budget tends to be kitchens, baths and MEP’s. It’s not as simple as cutting the budget in half merely because the SF of the home is half. I’d be happy to share a budget for a 2,300 SF 3 bed 2.5 bath gut renovation I’m working on.