Average Rehab Price per Sqft for Toledo Ohio Market

Real Estate Agent · USA, FL · Member since 2022 · 42 posts · 20 votes

Hi everyone,

I'm looking to invest in the Toledo market, primarily focusing on flips or BRRRR.
I was wondering if anyone here is currently investing in that area and could share some insight, such as the average price per square foot for rehab costs based on their projects. I’m trying to establish a solid price per square foot to use when underwriting my deals.

Any help would be greatly appreciated.

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Anthony L Amos Jr
Real Estate Agent · Columbus | Toledo · Member since 2019 · 608 posts · 768 votes
8mo
Quote from @Elie Merisier:

Hi everyone,
I'm looking to invest in the Toledo market, primarily focusing on flips or BRRRR.
I was wondering if anyone here is currently investing in that area and could share some insight, such as the average price per square foot for rehab costs based on their projects. I’m trying to establish a solid price per square foot to use when underwriting my deals.

Any help would be greatly appreciated.
Toledo is honestly a great market to be in right now because of that low entry point and the really solid rents you can get. The nice thing is that you generally don't need high-end finishes to make the numbers work here. From my experience, for a good cosmetic rehab, you’re usually looking at the $20-25 per square foot range. Hope that helps with your underwriting!

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- Elie Merisier
  OP
  Real Estate Agent · USA, FL · Member since 2022 · 42 posts · 20 votes
  8mo
  Quote from @Anthony L Amos Jr:
  
  Quote from @Elie Merisier:
  
  Hi everyone,
  I'm looking to invest in the Toledo market, primarily focusing on flips or BRRRR.
  I was wondering if anyone here is currently investing in that area and could share some insight, such as the average price per square foot for rehab costs based on their projects. I’m trying to establish a solid price per square foot to use when underwriting my deals.
  
  Any help would be greatly appreciated.
  Toledo is honestly a great market to be in right now because of that low entry point and the really solid rents you can get. The nice thing is that you generally don't need high-end finishes to make the numbers work here. From my experience, for a good cosmetic rehab, you’re usually looking at the $20-25 per square foot range. Hope that helps with your underwriting!
  
  Yes that helps a little bit. But the properties Im looking at need heavier renovations, not so much cosmetic. Permits will definitely need to be pulled. Its pretty much full gut renovation.
  
  if you say a cosmetic rehab for a project you’ve done is $20-25/sqft, then I can kinda project that a full gut will be 2-3x that. So $60-$75/sqft, but thats a maybe.
  
  Have you done any full gut renovations? If so, that would help me a bit more if I can get the cost per sqft based on the total amount you spent on the rehab?
  
  below are some images of the types of properties im looking at for reference.
  0 Reply
- Anthony L Amos Jr
  Real Estate Agent · Columbus | Toledo · Member since 2019 · 608 posts · 768 votes
  8mo
  Quote from @Elie Merisier:
  
  Quote from @Anthony L Amos Jr:
  
  Quote from @Elie Merisier:
  
  Hi everyone,
  I'm looking to invest in the Toledo market, primarily focusing on flips or BRRRR.
  I was wondering if anyone here is currently investing in that area and could share some insight, such as the average price per square foot for rehab costs based on their projects. I’m trying to establish a solid price per square foot to use when underwriting my deals.
  
  Any help would be greatly appreciated.
  Toledo is honestly a great market to be in right now because of that low entry point and the really solid rents you can get. The nice thing is that you generally don't need high-end finishes to make the numbers work here. From my experience, for a good cosmetic rehab, you’re usually looking at the $20-25 per square foot range. Hope that helps with your underwriting!
  
  Yes that helps a little bit. But the properties Im looking at need heavier renovations, not so much cosmetic. Permits will definitely need to be pulled. Its pretty much full gut renovation.
  
  if you say a cosmetic rehab for a project you’ve done is $20-25/sqft, then I can kinda project that a full gut will be 2-3x that. So $60-$75/sqft, but thats a maybe.
  
  Have you done any full gut renovations? If so, that would help me a bit more if I can get the cost per sqft based on the total amount you spent on the rehab?
  
  below are some images of the types of properties im looking at for reference.
  I generally steer clear of full guts in Toledo unless the location is solid. It's really hard to make the numbers work otherwise since the rehab costs often end up higher than the final value. Do you know what the ARV is for this one?
  
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Arman AhmedPro Member
Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 951 votes
8mo
@Elie Merisier
Rehab costs in Toledo really depend on scope. For light cosmetic work, many investors underwrite on the lower end per square foot, while full gut or heavier value-add projects come in much higher. Early on, it’s smart to stay conservative and validate your numbers with actual contractor bids rather than relying on a single blanket $/sqft estimate. That approach usually saves a lot of pain once the project is underway.

[email protected]614-418-6081
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Elie Merisier
OP
Real Estate Agent · USA, FL · Member since 2022 · 42 posts · 20 votes
8mo
Base on the available comps- I would say the ARV on this one is about 75K.

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Matt WaggonerPro Member
Member since 2022 · 25 posts · 11 votes
8mo
We own and invest in Toledo, but finding reasonable good quality work for full gut, I would agree with Anthony, the costs don't justify the return. If you find a good contractor let me know bc we are in the middle of a rehab and I am stalled at the moment.
Good luck.
Matt
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