Second Story Addition Portland Oregon
Hi BP'ers -
We have been searching for some time for an opportunity to do our first flip here in Oregon. Inventory seems to be tight and we have yet to find that great deal. However, we came across a recent listing for a 1 story house, 1800 sq ft in a great neighborhood with predominately 3K+ sq foot houses.
Per the city ordinances, we can add 1,200 sq feet through a second story addition.
When we do our spreadsheet for all of the estimated expenses - construction and carrying costs, etc., we are coming up with a cost of $250K. Are we estimating high?
Included in that cost is some remodeling of what will be the first story - new kitchen and updated bathrooms, flooring, etc.
We think we could get the property ideally for $375K and it would be worth anywhere from $650-$700 when done. $650 would mean we are basically losing money/barely breaking even if our estimates our right.
Any thoughts/ideas from folks who have done this?
Also, anyone got any good recommendations for reliable general contractors in this area?
Any help is greatly appreciated -- thanks in advance!
David