1 & 2 bedroom repair cost for completely gutted detroit apartment?

4 Replies

Hello Investors,

Im working on a wholesale deal for a detroit apartment building. Has 139 units and Im trying to get a good idea of of a cost for a complete rehab on a 1 & 2 bedroom apartment. Any ideas?

cross streets please or general area.

Not nearly enough info.  Have you seen it?  So I would assume the kitchen and baths need to be done with all new apliances. Figure a small fridge and range.

700 for both

138x700= 9,000 right there.

I would estimate $35 per room to paint.

70 units with 2 bedrooms, living rm, bathroom.

70 x 4 = 280 rooms

280x35 = 9,800

68x3 = 204 rooms 

204x35 = 7,140

Cheap paint job : $16,940

Cheap fridge and stove: $9,000

139 toilets at $100 = 13,900

139 kitchens $800 = 111,200

Lets not even add up heating and cooling

Also this is going to be an old *** building.  Lead paint is in all the units.

Asbestos is also going to be everywhere.

So I got 150k added up with not heating cooling, plumbing, electrical, or any cost for the exterior

HAHAHHA good luck with this.  You need to find a sucker.

Oh and its in a warzone.  You need to call Dan Gilbert

Scott I need to hire you to rehab my properties.  Those are some cheap rates!

If you have to completely rehab the kitchen, bathroom, 1 or 2 bedrooms, and living room and maybe a hallway, you're probably looking at $3,000 - $5,000 per unit (based on what type of stuff you put in there, maybe getting some bulk discounts, etc.)  

So maybe $417,000 - $695,000 in rehab costs.

This doesn't include any exterior work or common areas (hallways, basement, etc.)

Originally posted by @John H.:

Scott I need to hire you to rehab my properties.  Those are some cheap rates!

Well I was trying to be generous.  I didn't even include the flooring cost.  Also thinking the cheapest material possible.

In other words there is no way to make this deal happen.  This place needs a wrecking ball.  There is no possible way to make money.

Hell I didn't even include paying off the inspectors to turn a blind eye to all the other problems.

This is why I don't consider wholesalers as REI's.

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