Can anyone help me ballpark a residential rehab?

Question

Trying to make a decision on whether or not to purchase a total rehab. We have an FHA rehab loan and a decent amount of money (~$100k) - but i have no idea how to quantify the cost to do all of the work. Its a 2700sq ft brick colonial... what we know is there are foundations problems, mold on third floor and in basement, water damage on first and second floor, needs a roof, kitchen, windows. I am less worried about the cosmetics and more about whats going on behind the walls. Can anyone give me any advice?

Robert Adams · Answer

Just curious how this worked out for Amy M.

Did you end up getting the quotes? Did you purchase the property? If so, how is the rehab going?

Cagney Moreau · Answer

How do you know the foundation has problems?

Not sure about prices in Missouri but 100k doesnt seem like enough. Get some bids.

Emilio Ramirez · Answer

If you have no idea how to quantify the costs then you definitely need to find a local contractor to assess the rehab for you. When you are about to make a purchase of this size it is no time to "ballpark' numbers. Be as precise as you can and understand that there will be things you never ever thought would go wrong or could possibly account for.

I would ask people you trust for referrals and then ask the contractor for additional referrals. You may have to pay a good contractor for his time to help you estimate these costs, but it's worth it in my opinion. If you pay the contractor for this service, you can tell him you need the costs itemized by scope. Demolition, foundations, roofing, etc. If you get a free estimate, it is most likely that the contractor will just give you his total price. Get a good conservative number and if it works you can put the project out to bid.

What is your motivation for buying this house? Investment or personal residence?

David Niles · Answer

Hi Amy welcome to the site. You really need to spend a couple bucks and get professionals in your area into the property and get their advice and dollar amounts.
Foundation is more then cosmetic and probably the most important issue you need to address first, its not just fixing it, you would need to figure out why it had issues too.
Water issues and mold are probably just effects of your bad roof.
Sorry I couldnt give you dollar amounts but to accept estimates via people on an internet board isnt in your best interest anyways.

Jon Klaus · Answer

Welcome to BiggerPockets, Amy.

There are so many variables that a single paragraph couldn't come close to addressing. You should get some bids to get a specific idea. From the little you've said, I'd guess $35psf, but it could be $25psf or $50psf.

Can anyone help me ballpark a residential rehab?

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