Repair Estimates

3 Replies

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

@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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