First Fix & Hold

2 Replies

I have to opportunity to pick up a wood frame 1200+sq/ft. 2/2 locally as an addition to my current properties. It is a rehab in process, exterior paint scraped, interior, new electrical, new plumbing, new sub floor & drywall hung, no tape.. It includes no kitchen or bathrooms.. Zillow has it for $119,000(I know that's not a trustworthy estimate) I can lock the property up for just over 30k.. Market rent for this home would be $1150-$1300... Does anyone have a suggestion on the amount I should budget to complete a project like this, Kitchen, per bathroom, Siding etc... Any help is appreciated... Foundation and roof are solid..

@Matt Laird ...depends on market..I would estimate at high end, but get 3 bids.Also consider making 3br if possible...

@Matt Laird

Really impossible to say without seeing it and knowing the level of finishes required, but I'd ballpark it at $30k+ based on what you've said here, maybe less if you're doing a bunch of the work yourself (we're in the DIY forum).

That kitchen will be expensive, as you need cabinets, countertops, backsplash, appliances, fixtures and flooring. I'd budget something like $8k - $10k. Bathrooms, if the rough plumbing is there, maybe $3k- $5k each. Siding doesn't cost all that much for materials, $1 a square foot or less. And it's fairly quick and easy to put up.

Do you need to replace the HVAC?

Other expenses: flooring, mudding, texturing, light fixtures, doors?, door hardware, baseboards and other finish carpentry, painting (interior and exterior), finish electrical, water heater?

Also don't forget holding costs, utilities, taxes, insurance, interest, etc.

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