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Michael M.
  • Investor
  • Bronx, NY
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multifamily needing "TLC" - how much to budget for renovation?

Michael M.
  • Investor
  • Bronx, NY
Posted Aug 3 2018, 07:41

I am currently looking at a multifamily property in the Bronx 3/3/1.

The house is in good structural shape, but was built in the early 1900s.  Though it is in good shape, it has an old pre-war "feel" and has not had the usual flip-style renovations that you find on Zillow.

My questions:

1 - Should the house be priced significantly less than renovated houses of a similar size?

2 - For a non-flipper with no connections or bulk jobs, how much should I look to pay to renovate a 1000 square foot 3 BR apartment in that "flip" style that is all over Zillow (floors, bathrooms, paint, etc)?

Thanks!

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