I'm looking for a sample guide of, how i should structure a ballpark estimate based on the per SQFT. method for the Hampton roads area.
I'm ok, doing a fixed cost estimate. I want something a little quicker when looking at a deal so i can see if it is an instant offer.
@Steven Sales I was just speaking about this model the other day with a builder in my local area. I am completing my first flip here in Berwyn, IL, and he mentioned $50 per square foot being how much it costs to rehab to his specs. This is for a flip in a B area of the Chicago market. The issue with this model, is that you have to be doing a similar rehab in a similar area with the same or a similar GC in order for this to work. I don' think this model is that great if you are newer, as you won't have the track record to see any flaws in it early on.
@John Warren Thank you for your reply, I was hopefully going to find someone from my local area. I look at the foreclosures every morning. They sometimes represent a decent deal or, are not even close. I spend roughly 15 minutes running the numbers for each. mostly, I wanted a rough per SQFT. for time-saving.
That's impossible to do. Go look at three houses, they all need HVAC system, water heater and all new appliances. That would cost about $10,000. If the houses are 1,000, 1,500 and 2,000 square feet that comes to $10, 6.67 and 5 per square foot respectively. Some costs, floors, paint, etc can be based on square footage. A roof on a 1500 square foot ranch will be more than a roof on a 2,000 square foot two story.
@Steven Sales John's estimate is right on to our current flip in Chicago ($50 / sqft). But this will depend on your area and how big of a project it is... ours is complete gut.
Thank you for your input. It seems most people I talk to say 50 sqft. is a decent estimate for a heavy rehab.
My largest renovation, which was NOT a gut flip, but had some foundation issues, did NOT need hvac work, or a new electrical service, or new plumbing, and I did a bunch of the work myself (cabinets, trim, paint, tile...) comes out to $63/SF. My smallest project which did NOT need any HVAC, siding, roof, panel upgrade, just small cosmetic job was about $30/SF, with me doing a bunch of the work. Of course different areas, however I would be very cautious on /SF pricing...
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