multifamily needing "TLC" - how much to budget for renovation?

[Michael M.]

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!

[Ceasar Rosas]

@Michael M.

@Aaron K. can be correct. 1, 3 bedroom unit can cost you, minimally 30k if it's just updating, but then again there can be more things that need to be done, especially with a 1901 home. In this Bronx market, a 3 family is highly competitive. Is this property listed? There may be some wiggle room, but you would have to be a strong buyer, great negotiator, and know your numbers. And if you are looking at places that need work, start going to home depot and study the prices of materials. You can almost figure you will be paying, in this area, 3 times cost of materials. So if the materials cost 1k, with labor the job should be around 3k. One other thing to add is to get a great home inspector to give you an inspection that you will turn into a punchlist on any property.