Investor · Garland, TX · Member since 2010 · 99 posts · 92 votes
Hello,
Looking into buying a 2 story 1944sqft home. It needs a total rehab. The home will be gutted. Home was built in 1915. The wholesaler told my partner and I it will need about $75K in rehab work. I had 2 contractors to tell us $80k in rehab. We are going to have an inspection done to see how bad the mechanicals are. I would like for an experience Rehabber to give me some advice on rehab cost. We are thinking cost could be more, but it could be less. The contractors are throwing numbers out without a breakdown on cost.
Here are the repairs:
Electricial= entire home rewired
Foundation= Pier and Beam
HVAC= need to be install
Plumbing= bring up to code
Sheetrock & Insulation= entire home
What would the cost be just for those items? and What is the typical rates for these items? I know cost varies from state to state. Any advice will be greatly appreciated.
If this home is on a street that starts with J and ends with S, I'd budget $50psf, though it could be done with less. A full rehab on a hundred year old home with no updating is a very big project. Have you determined if it needs to meet historical district standards? This would not make a great first rehab project. Almost easier to build new in some ways.
Thanks Jon and yes that is the street. I have read all 29 pages of the historical district criteria for the property and we could build new just have to have to same architectural design of the neighborhood.
In my area $40-45 per square foot is about right...if it's historical, I would guess Jon is right on at $50K/sf, or maybe even a bit more if there is a lot of historical restrictions imposed by the jurisdiction.
Thanks J Scott. I knew you and Jon could give great insight on this. My partner and I were taking our time on moving forward until we heard from contractors, inspectors, and rehabbers like you and Jon. Thanks again.