Investor · Chattanooga, TN · Member since 2019 · 41 posts · 10 votes
Hello everyone! Finally made it to Chatt about 3 weeks ago. I have a lady that is willing to take an offer on her house and I am working on getting a ballpark number for repairs to submit my offer.
Does anyone know the rough $/sqft amount for 3 types of rehabs? Light rehab, Heavy rehab, Full gut. I know this can fluctuate per area and do not want to use what it costs back in AZ. Any help is appreciated!
Here is some information about the property if anyone can give a specific example for $/sq ft.
1948 2bd 1ba 1152 sqft house. Is on the edge of flood zone. Needs new roof, siding either repaired or replaced, new electrical. A/C unit is old but working. Ducting cleaned out and repaired a couple years back. The inside of the house is actually nicely updated with new plumbing, floors, and bath updated due to plumbing leak a couple years ago. Inside needs a couple minor repairs and paint. Most repairs are external.
Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
5y
I'd say it's easier to consider the specific tasks you want done, it sounds like new roof, siding, and electrical? Based on the quotes I've seen, a new roof is $6,500-8,000 depending on how bad it is (if sheathing needs to be replaced, etc), and to run all new electrical can run $3-10k (huge range, I know, that's the highest and lowest I've seen). I don't have enough experience with quotes on siding to weigh in on that.
Investor · Chattanooga, TN · Member since 2019 · 41 posts · 10 votes
5y
@Dakota McIntire I’m trying to figure out the ballpark price for rehabbing this house.
The parameters for getting a ballpark figure are usally light, heavy, or full gut rehab. Light would be just some flooring and paint. Heavy would be floors paint, fixtures, kitchen, bath, cabinets, etc.
full gut would be everything from the studs electrical, plumbing, drywall, etc…
So light rehab (theoretically) could average $15-$20/sqft. Heavy $30-$40/sqft. Full gut $50-$60/sqft.
This range can change of course based on the city or part of the country.
My question is, in the Chattanooga area, what would you say the average range is with these parameters? A contractor could usually tell you about how much per square foot the rehab would be. But they are too busy to come look at properties and answer questions like this lol
I’d say this property falls in the heavy catagory due to the exterior work it needs. The interior is really not bad.
I hope this helps. Thanks for your help and the potential referrals!
Contractor · Spencer, TN · Member since 2018 · 56 posts · 30 votes
5y
I do construction and I don’t normally bid jobs that way but give rough numbers based upon what you’re wanting done. If you wannabe message me I can give some rough numbers
Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
5y
I'd say it's easier to consider the specific tasks you want done, it sounds like new roof, siding, and electrical? Based on the quotes I've seen, a new roof is $6,500-8,000 depending on how bad it is (if sheathing needs to be replaced, etc), and to run all new electrical can run $3-10k (huge range, I know, that's the highest and lowest I've seen). I don't have enough experience with quotes on siding to weigh in on that.
1948 2bd 1ba 1152 sqft house. Is on the edge of flood zone. Needs new roof, siding either repaired or replaced, new electrical. A/C unit is old but working.
Investor · Chattanooga, TN · Member since 2009 · 1k+ posts · 903 votes
5y
My cosmetic rehabs generally include the following scope: floors, paint, new fixtures (electric/some plumbing), knobs/hinges, and cabinet refinishing+hardware. We generally accomplish that for around $15/ft. Though with inflation I would buffer that some.
Roofing replacement will run about $300/square though that doesn't include an allowance for decking replacement.
On the electrical you'll probably need to either replace the panel or upgrade the breakers to arc-fault and then ground out the outlets. That's probably about 2k. Fyi wiring a house up (assuming studs are exposed) is around $7/ft plus the cost of light fixtures.
Replacement windows should run you around $400/opening, installed
Vinyl siding for that should run about 3k or so. Fyi if you have asbestos siding, leave it on and just go over it with the vinyl siding.
Investor · Chattanooga, TN · Member since 2019 · 41 posts · 10 votes
5y
@Brian Levredge thanks for this info!!
I feel like I have a good idea what the cost of repairs will be now after hearing from you and a few people I talked to at the meetup at signal mountain today.