I found a property that has been half built. Meaning it's just the shell and the wood posts throughout the house. It's a 3000 sq/ft home with 4 beds and 4.5 baths.
How much would you guestimate it would cost to finish up building the house? It's an almost riverfront property where homes on the street are valued at $240,000-$1.2million.
I would need much more information to understand what is done and what's not (i.e. Does it have insulation, plumbing, wiring, HVAC, etc done) but I would guess anywhere from $30-40 a sq ft so I would estimate $90k to $120. Also those ARV numbers are very far apart so make sure you compare apples to apples to get a good ARV number.
Account Closed The direct comparables for a comp range from $650,000- $800,000 on that street. As far was what it has, it has none of that. Literally just a shell. The listing doesn't explicitly say this but the pictures seem to tell that story.
Oh okay. Yeah so I would stay towards the higher end of the estimate I posted earlier.
Also how is the exterior. Is the roof okay, does it need exterior masonry or siding work, does it need much landscaping or driveway work, etc.? Also it sounds as though it could be a higher end house so I would factor that in as well. So if more work is needed then just the interior and if you will need to use higher end finishes then I would but my estimates closer to $40-50 psf. Disclaimer this is for the contractors and subs I use as others may vary.
Yea it seems to be in a higher end neighborhood so it would most definitely need those high end touches. I decided to forego that opportunity as it seems like to big of a project for a first job.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.