Closing deal in progress..Need opinion on my estimate.
3 Bedroom single family 1,058 sqft
Hello BP's. I have a deal in progress and I will be flipping a house in an area where home goes for about 75 - 89k some even a little more, looking at the comparable's. I have an estimate sheet and this is my first flip. I have to give the appraiser my estimate, but I want to hear other folks opinions on my numbers. I know there are a lot of other factors, but I just want to hear folks' input. I provided the estimate that I came up with and pictures.
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I'd recommend asking the contractors to break out the estimates into unit prices as well ($/SF, $/LF, $/cubic yard etc...). I would also recommend breaking down your spreadsheet the same way. As an example for your "demolition" section, I'd figure out how much square feet (SF) of wall needs to be removed and show it on your sheet as $/SF.That way when you're done with the project you can go back to your original estimate and enter in the ACTUAL costs and compare to your estimate. This way you'll be better prepared for future estimates and have some concrete evidence of costs. You can use those unit prices moving forward and adjust accordingly.