What would you recommend as the Top 3 Rehab Cost Calculators to be used in the Chicagoland and Suburban area? I'm trying a few different calculators with huge swings in the numbers. I have a manual sheet I use which calculated about $56K in cost and then try an online version of a cost calculator and came up with $118K. I just want to always be honing my method of calculating numbers because that is the hardest, most subjective and most critical part of the deal.
Any advice would be appreciated.
Have you tried the Bigger Pockets House Flipping calculator yet? I haven't tried it, as I've never done a major rehab yet, but I've found most info on this site to be quite helpful so it's probably worth a shot.
The BP house flipping calc is great. The large components to any rehab project are: 1)Renovations Costs, 2)Holding Costs, 3)Buying/Selling(Closing) costs, and 4)Profit. The BP calc includes all of them.
For estimating renovation costs one would need something more detailed than a flipping calculator since dozens of little items can add up to big budget overruns. "The book on estimating rehab costs" was helpful to me.
We use a proforma on google sheets that automates all numbers automatically. Has the ability to alter your numbers depending on what changes. Shoot me an email and ill forward you our layout!