Gut Renovation. Good or Bad Ideal?

[Jamel Driver]

For anyone that is seasoned in this area, can you please offer up some advice.

What would be the estimated cost on a property that requires a complete gut renovation? (minimum-maximum)

Property: Single Family Home, 3 Bedrooms, 2 Bathrooms

Also any advice on when to take the job and when not to take on the job would be helpful.

Thanks.

[Jim Tannehill]

I don't think you can put a minimum-maximum number on this since it will fluctuate for everybody. It also depends on what your definition of "Complete Gut" and the square footage. In my area a typical flip budget is 35k and that covers full bathroom upgrades, full kitchen upgrades, all new light fixtures, flooring, minimal drywall work, etc. Budget will obviously go up with windows, roof, replacing HVAC, and other major items like that. If you had a specific property or a scope of work, that would help me better understand what all needs to be done.