Really rough estimate on repairs

10 Replies

Dallas investors- I'm interested in seeing what an experienced investor would estimate for repairs on a 5b/2bath house in East Dallas (MLS # below). I'm expecting this property needs a full remodel but have no idea how much that would cost. Any insight would be awesome. Thank you! MLS# 13178475

Not much to go on. Don't know how you would expect anyone to give an estimate with seeing inside photos and an inspection.

3800 sq ft built 1920,

New roof  approx.   10,000  might be low?

Flooring @ 2.50 sq ft 9625.0

1920 [email protected]          10,000  very rough estimate

2 bathroom upgrades 15,000

HVAC                    10,000 in dallas u need A/C

Landscape and driveway10,000(usual figure would be 10% minimum on a new build)

Paint and wallpaper,        2500.

Plumbing? Who knows. 5 to 10 k  remember 1920, cast iron and leaded joints.

Roughly, 65k to 75K Sight unseen. Probably double that.

with that said it is on the national historic register , do a rehab to period and it’s no telling where thost costs would go. But on the other hand there are funds available for those things.

beautiful old house, priced close to the top of the neighborhood. I never want to own the most expensive house in the neighborhood.  

 But your in a different market than me. I honestly know very little about historic homes. and my rehab costs usually are about 50% higher than I figured. some surprise always seem to show up.   

That's my guess! it's just an opinion, one thing with all this knowledge here some one will see or think of something i didn't like holding cost, insurance, permits, inspectors. Watch the list grow.  

Most of our homes are in the 2/1 and 3/2 range, tend to be more rural and under 50k purchases. Market Values of 50 to 100k. I'm not in the big city's.   

After going back and looking at pics window are all boarded up, new windows ? on that house . figure about $500 a window, I just had estimates on the house im working on ant they ran 300 to 800 each. there is lots of windows and doors on that one. entry way for a house like that could be 3 to 5k. see already working on that double fiqure.

And how is the foundation?   this is very rough without an inspection.

$50-200K.

Rod Fisher J Scott thank you so much for taking a look! I'll add those items to my inspection list for other properties. I'm new to investing and don't know estimated repair values so this is a huge help for me.

More like a $40/sf work to me for a gut-out.

Kiel, your question is similar to asking "How much is a car?"

I am not trying to be rude, I am just trying to point out how ambiguous your question is.

J Scott gave you a massively wide range for the same reason.

When it comes to rehab, there are way too many components to rely on a square foot budget.

A couple of things...1) one of my closest friends lives 1-block away, so I know the area well.  You're not going to get top $ for this property, no matter how much you pour into it, because there is commercial on the 3 other corners.  Also, the house fronts Gaston, which is not a great thing.

2)  The house my friend is in just had major work done.  There were tons of delays, because of the historic register issue.  You will have to get approval for everything.  There will be somethings you simply are not allowed to touch, even if they need to be touched.  So, whatever your timeline might be, double it, at a minimum.  In this business, time is money, so if you're financing this, you will be bleeding money.

3)  Those houses will sell, but it often takes them much longer than a comparable property in say, Lakewood, which feeds a great elementary - Lakewood.  People buying these properties either have no children of school age or are willing to drive them to the private schools north of Downtown.  So, factor in additional holding time for the sell, because your pool of buyers is smaller.  

Finally, that place has been sitting vacant for quite a while. The windows were boarded up not that long ago. I would suspect there has been vandalism. And, the property was previously listed by a wholesaler in the area. It obviously didn't sell under that listing. As for the ARV, don't be fooled into using any property on Swiss Ave as a reliable comp. That's where my friend lives. Swiss Ave is THE premier historic address in Dallas. Nothing around it compares to Swiss. Normally, you wouldn't cross south of a major street like Gaston for your comps. In this case, you need to. Go to Junius, Reiger, Bryan and other Gaston addresses for true comps. Swiss is what the wholesalers were using, but that's a whole different ball game.

Originally posted by @Kiel J. :
Dallas investors-

I'm interested in seeing what an experienced investor would estimate for repairs on a 5b/2bath house in East Dallas (MLS # below). I'm expecting this property needs a full remodel but have no idea how much that would cost. Any insight would be awesome. Thank you!

MLS# 13178475

Hi Kiel,

An 'experienced investor' would walk the property, take property photos, put together a detailed scope of work and create a detailed estimate of repairs.

I would recommend you do the legwork on the first 3 tasks, and then you would get a much better response to your question.

I'd be glad to provide some insight if you can provide a little more information.

Thanks!

Originally posted by @Kiel J. :
Dallas investors-

I'm interested in seeing what an experienced investor would estimate for repairs on a 5b/2bath house in East Dallas (MLS # below). I'm expecting this property needs a full remodel but have no idea how much that would cost. Any insight would be awesome. Thank you!

MLS# 13178475

You need to physically inspect the property and have an almost precise estimate of repair cost based on a very specific set of what requires repair.

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