Reno costs on a fully gutted 3/1?

Question

I’m looking at a deal today I’m hopeful I can wholesale. It’s a 2BR/1BA just under 1100 sqft but can be easily converted to a 3/1. It’s currently gutted to the studs and needs all new mechanicals. I’m not sure how to estimate repair costs on a house like this as I’ve never actually done a flip before myself. Is this a deal that should be estimated with a generalized price by sqft  or a different way? Let me know! Thanks

Jerryll Noorden · Answer

Brand new roof: $7K- $13K

Flooring about $$6K to $9K

All appliances, $3K to $5K

Sheetrock, $6K to $12K

Taping Mudding Painting: $6K- $9K

Mechanicals, $4K-$6K

Kitchen:: $12K-$15K

Bathroom $5K-$7K

Plumbing, $7K

Electrical $10K

Miscellaneous, light fixtures, doors, windows, screws, material etc. etc. $20K

...

It adds up.

Brandon Goldsmith · Answer

From my experience, if you have to rearrange any of the layout that will add up more costs. As some said, costs can vary across the board to best to get a quote from a few GC's @Pete Milenkovich

Jimmy Lieu · Answer

Hi Pete, as a local investor and agent here in Columbus Ohio, I've done quite a few BRRRRs and flips myself and have handled tons of renovations and have tons of experience with estimating renovation costs and coming up with a renovation list to fix. Also, I've done quite a bit of project management in the past for my real estate clients too. I would say there isn't a black and white way to figure out renovation costs - its all based on how the property looks like. I'd be happy to connect and help out any way I can help.

Simon Ashbaugh · Answer

for mid-grade remodel plan on around 60k/side

Zac Mckenzie · Answer

Hey Pete, We are a Investor specific GC group here in Columbus. A Lot of the info above is reflective of what our experience has shown the market to bare out. A complete reno from studs out including mechanicals should run you from 75-120 / SF depending on lots of variables and your end strategy. The best way is to walk the property with a qualified and licensed GC. Best of luck

Scott E. · Answer

Your best bet is going to be to walk this property with a GC.

To do this in my area would cost $125k+. That's just a ballpark estimate without seeing photos and knowing every detail about the home.

Another thing to consider is bathroom count. Out here the market wouldn't respond well to a 3 bedroom with only 1 bathroom. With 1,100 square feet it's going to be very tight, but there should be room to add a 3/4 bath.

(I'm flipping a house right now that is 1,148 square feet with 3 bedroom, 2 baths so I know it's possible lol)

Caleb Brown · Answer

For my area(KC) it'd be anywhere from 70K+. Now this is hiring a GC. There are a lot of variables since I don't know the area so network with some GC's or local investors. Definitely go conservative. Don't be a wholesaler that'd put 40-50K on rehab

Reno costs on a fully gutted 3/1?

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