Good day, can anyone tell me how to do a rough repair estimate without physically seeing the property, please? I have a feeling my numbers are off due to over pricing the repairs. I was told that a 3/1, 1000 SQ FT complete rehab is "roughly" around 30K.
Hello Chris, if you are talking a basic cosmetic rehab (floors, paint, cabinets, counters, plumbing and electrical fixtures .... etc) $20 per sq ft is common. Or $20,000 in your case. If you are talking higher end items then $25 - $30 would be right. Of course that does not include any CapEx items.
Hope that helps.
@John Leavelle what about Pre-hab? Not needing much...paint, floors and minor repairs. Looking at some examples I have found, it looks like roughly $10-15? Per sqft. Would that work?
Originally posted by @Chris Kates :
Good day, can anyone tell me how to do a rough repair estimate without physically seeing the property, please?
You cannot and should not do this. I say this as someone who made a successful living as an estimator.
What if after you get the property you found out there was mold? What if there was a giant crack in the slab? I could go on.
If you were unaware of any of these, you probably just lost money.
Also, square foot prices and suggested budgets are nothing more than sanity checks for a budget. If my money or employment is on the line, I visit the property and put together a detailed estimate. If I cannot do these two things, I pass on the property. No exceptions.
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