Did you factor this into the purchase price? That seems pretty inexpensive overall, and a nice bathroom is always more rentable than one that’s still filthy after it’s been deep cleaned.
Contractors will typically pad materials, overanalyzing the bid might not save you a whole lot unless you want to be purchasing the materials yourself. I’d make sure what needs replacing really needs it. Ie is the tub cracked or just dingy, as in a pinch you can epoxy paint a tub and caulk to bring it back vs replacing outright.
I like faux marble for shower surround, cheap plastic bead board fades and gets soap scummy.
You can find entire vanity units at wholesale supply companies vs big box stores.
Do you need to spend the $$ to get the tenant paying $500, or can you find a tenant tomorrow and charge ~$550 to recoup your remodel investment faster?
Buy all the materials/fixtures off of CL or recycle store. With rents at $500 you want to spend the bare minimum. Most of your costs will be labour so consider doing some work yourself.
It will tale a long time to recoupe your investment.
An acrylic type tub and surround is about $500 in materials. Small vanity with mirror another $500 at very most. Toilet $150. Delta Tub valve and trim kit $100. We put in a nice rigid core vinyl floor on wood subfloor, paid $3 ft. Sheetrock 10$ 4x8 sheet but not sure if a tub surround is affixed straight to studs...think it is. Rest is labor: Demo and haul off, install. I usually ballpark at 3xmaterials so your price is about right.
@Jordan Beckett - We somewhat did. We capped out rehab cost as a contingency on the offer...and from the 2 contractors that went out, the rehab cost did not exceed our set amount. The bath tub has a crack and the floor is soft. So no easy fix there. It's a triplex with this particular unit empty. The other two are renting for 460 1b 1 ba and 2b 1bath for 550. So with a rehab , we will price this at 500 and see how it goes. It's a 1br 1 bath.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you