Hey BP community!
I was looking to get some advice on how to analyze this property.
The property has a garage apartment in the back of which I do not wish to purchase. In talks he would let that go for 79k which means he is asking around 100k for the house.
The house has a brand new roof and has recently had foundation repaired .
The internal look to have new electrical I have not walked the house yet
it will be a modest flip. I will do texture, paint exterior and interior myself, baseboards and trim. cabinet install possibly
What should my asking price be you think? and how do I go about accurately estimating these cost.
comps in the area are going 85-90 per sq ft.. non rehabbed (80's to 90's) style houses.
so 196 sell for-ish
My question is. How do I estimate this flip from a stud on stand point. I have never done it for insulation or complete drywall job.
Have you got the budget? I would suggest you to contact renovation experts to get the budget.
Disclaimer: still new to this, but in the same boat as you with trying to determine rehab cost (not flipping though).
I would contact a general contractor and see if they can give you a rough estimate for free. $85-90/sq ft homes are about what my area is going for but older homes with larger lots. Just taking a quick glance at Zillow in your area, I think to come out on top, I would ask for $85k max. Reason: that apartment in the back means that you are letting go part of the lot (hopefully not much). So the lot size will be a lot smaller than it already is. I personally wouldn't do this deal due to just looking at Zillow, the ones going above $150k are over 0.5 acres and 2300+ sqft (even though it has not been renovated).
Just to give you an idea; in my area, it would cost me roughly $6,500- $8,000 to drywall 2000 sq ft house if I hired someone. Not sure how much you are looking into getting for the flip, but I don't wouldn't want to put in that much work for only a bit of cash.
Of course I do not know what the actual comps are in the area since I am not in your market nor actually have a Realtor's CMA analysis in hand. So my numbers are pretty much guessing your market and those price points may be worthless.