Rough estimates wanted
I need some advice estimating rehab cost!
I'm buying a duplex in an area that has appreciated quickly over the past 5 years. I had initially anticipated making repairs to the house then holding it as a rental, but am also considering flipping it after rehabbing back to a single family.
I have great recent comps and know a sales price range at about 150% - 200% more than the purchase price. I just don't have enough experience estimating costs. Any rough estimates would be appreciated - what have similar rehabs costs you?
The Property:
Good:
2,500 square feet. Double-wall brick, 3 stories. new roof, great foundation, newer wiring and furnace. Previous owner ran 2nd sewer stack and utilities to 3rd floor. Excellent location with parking and a larger yard. Area for roof top terrace off of the 3rd floor.
Bad:
Bricks need repointed on one corner, two-stall garage has walls but no roof. HVAC doesn't adequately serve the 3rd floor. half of windows are old.
Ugly:
staircase from 1st to 2nd floor ruins the layout and must be moved - this will open the space on first and second floor. New dry wall in 50% of the home, all new hardwood/tile flooring, 2 current bathrooms need complete update. A new master bath would be built. First floor kitchen needs complete update. 1/2 bath installed. New lighting, likely some new wiring needed. Yard is a mess and needs landscaping.
I'm sure many of you have had similar jobs - what did it cost you?? I'm interested in rough estimates and ranges - a place to start. Thanks!
Most Popular Reply
Nobody here can tell you how much this rehab will cost you, as your price is going to depend on a LOT of things:
- What type of contractors will you use?
- How good are you at negotiating prices?
- How big is the house?
- What level of finishes will you use?
- Where will you be buying your materials?
- What quality of work do you want?
I'm guessing you're somewhere in the $30-130K rehab range, but that's a big range, and will depend on all those things above.