Hey everyone! I am a multifamily investor and am fairly adept at understanding what it takes to get into a multifamily in my area and repair costs, renovation costs etc. I am doing my first deal outside of this arena and I am getting wildly different quotes/ranges from contractors on the remodel costs. I am curious what you have experienced? Here is the deal.
The home is 2800 sf, with 800 sf garage. It is 3 stories, built into a hill, has 2.5 acres, extensive exterior landscaping, and is not finished. It is about 1/3 finished on the inside. We will want to basically totally demo then rebuild. We are hoping to get the ARV to between $450-$550K. I know this is a big range and there are a lot of variables like local market etc. I am curious though on any higher priced flips/renovations you have done, hiring a GC and hiring it all out, what kind of price per sf your renovations have been? I had 1 quote at $125K, another come in at $675K. Both I thought were incorrect, so I am still searching. Here is what we are wanting done.
Exterior- New siding, painted, Large 2 story deck, stone staircase leading to the front door
Interior- New engineered hardwood floor, tile, paint, trim, carpet, electrical outlets, bathrooms (there will be 4 total) New kitchen to include counter tops, cabinets, appliances
Plus the demo of the current state of affairs to get us there. Again, I know there are a lot of variables, but what have you experienced in your area for a higher price point renovation? (this is higher price point in mine) Thanks for your help!
@Blake Elder I recently completed a flip in Berwyn, IL where I do a lot of business. I ended up pretty close to $50 per square foot, and that was with me general contracting everything myself. We had to do a complete rewire of the house, new hvac and all new plumbing as well as a drain tile system. A lot of this is going to depend on the age of your home and how deep into the mechanical structure you are going. Painting, flooring and kitchens is not what is going to drive your costs as much as people think. We here at BP will need more info on how deep your renovation is going to go to give you more accurate estimates.
Based on my numbers, it would cost me a minimum of $140,000 to do a full gut of this home in my market. Hope that helps!
Thanks @John Warren ! That is super helpful. I’ll post some photos in this thread here etc. I’m getting local detailed quotes, and was just looking for a range you guys have experienced since I know so much depends on specifics!
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