Evaluating rehab cost and ARV
Hello BP community,
I apologize if my title might not be spot on.
Disclaimer: The purpose of my post is for my education (in terms of rehab cost and estimate ARV) and not bashing.
A turnkey house is selling for $150K that recently bought at $100k. The rehab said cost $25k. I might be mistaken but my estimate for all that done is around $10-12k (listed below). The house was bought at a $100k, $25k rehab and selling for $150K. The house will be rented at $1150.00. I think it's priced too much to make it work. What do you guys think?
Exterior of the house
- pressure wash
- new mailbox
- new address numbers
- paint trim
- paint siding
- paint doors
- paint security or storm doors
- paint shutters
- repair concrete around foundation
- paint foundation around perimeter of house
- new light fixture in front
- new light fixture in back
- replace all damaged/rotten wood/trim/siding around house
- new double sided gate latch
- repair fence around yard
- replace any missing/broken tension pumps on storm/security doors
- clean out storage room
- repair and paint inside storage room
- replace any missing/torn/damaged window screens
- remove all stickers from all windows
Main Interior
- paint all walls
- paint trim and doors
- paint ceilings and closets
- install new blinds throughout
- install new doorstops throughout
- install new doorknobs throughout
- replace broken light switch and outlet covers
- replace missing/broken light bulbs
- install new smoke detectors
- install new fire extinguisher
- install two new smoke detectors or as required per code
- install new fire extinguisher
Den
- new ceiling fan with light
- paint cabinets inside and out
- new hardware on cabinets
Kitchen
- 2 new two-bulb brushed nickel light fixture(s)
- paint cabinets inside and out
- new hardware on cabinets
- replace missing hardware on cabinets
- install new countertops
- new backsplash at stove opening
- new vent-a-hood
- remove old dishwasher
- caulk sink, floor, counter
Laundry Room
- 1 new two-bulb brushed nickel light fixture(s)
Hall Bathroom
- paint cabinets inside and out
- new shower head
- new shower bar
- new toilet seat
- caulk toilet, sink, tub, floor
Master Bathroom
- 2 new two-bulb brushed nickel light fixture(s)
- paint cabinets inside and out
- new hardware on cabinets
- new shower head
- new shower bar
- new toilet seat
- new toilet paper holder
- caulk toilet, sink, tub, floor
Bedroom 1
- 1 new two-bulb brushed nickel light fixture(s)
Master Bedroom
- new ceiling fan with light
Bedroom 2
- 1 new two-bulb brushed nickel light fixture(s)
Hallway
- 1 new two-bulb brushed nickel light fixture(s)
Additional Items
- rekey all locks
- mow yard/landscaping
- plumbing repairs as recommended by a licensed plumbing contractor
- install new water heater
- HVAC repairs as recommended by a licensed HVAC contractor
- install new air handler
- clean & service existing AC
- electrical repairs as recommended by a licensed electrical contractor
- install new carpet in: bedrooms
- install new vinyl plank flooring in: kitchen;laundry;hallway;den
- chemically clean roof
- install new dishwasher
- cleaning at completion of renovation