First Baltimore Row House

[Demetrius Hall]

Hello fellow real estae people,

I have just purchased my first row house in 21223 ( 1,100 sqf) for $7k. It has 2 beds/1bath and unfinished basement. It is walkable to the stadium and new casino .9 miles. We all know the area is pretty rough with alot of drug users. i found out Baltimore is a block by block city so things can change in a blink of an eye

i knew i would rehab the whole thing once bought and decided to finish basement to make it a 3bed/2bath and change the 45 degree stairs to align with one wall straight up.

i set a budget of $60k ( some people say im crazy lol ) and plan on using a remodel loan for it. Once done it should be worth at least $120k but im hoping for $140k

my first price quotes for the demo were $13k, $11k, $9800, and $4200 ( a contractor i used prior)

the demo is done now ( took 3 days down to joints)

My quotes for remodel were $110k, $80k ( i would still have to provided appliances, granite, cabinets, all bathroom supplies), $35k labor only( i buy all materials)

I'm going to go with the $35k labor and contractor said materials should be more than $20k so total including demo should be 60k, but gonna have a 10k fluff space.

purchase plus closing fees: $9800

Renovations plus demo: estimated $60k

-plumbing

-electrical

-hvac

-drywall and stods

-roof repair

so im looking around 70k plus inspection fees 

( plan on refi after 6 months to cashout)

wondering how much i could rent for in the area?????

[Lamont Marable]

Use Rent-o-meter.  Do you live in B-more?  Who is your contrator?  35k for just the labor sound fishy.  Does that $35k include Electrical, HVAC and plumbing?  Are you GC'ing the project?