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Updated over 5 years ago,
Total gut job rehab estimate on this REO, HELP!
This would be my first deal ever. I stumbled across a foreclosure back in March when just learning how to analyze deals and was browsing the market. I just recently revisited some of my older notes and deal analysis' and saw that this foreclosure was never scooped up and that it is now an REO. So I drove past it the other day and sure enough it is vacant and has those big stickers plastered up on the front door and windows. I called the number on the posters and was told I need a realtor to obtain the lock box code to check out the interior.
The following day my good friend, a realtor, visited the property and I was blown away at how much of a dump this place was. I could literally smell the money!
Details of the house:
FANTASTIC location in Palm Beach County, Florida. Great neighborhood.
2 story
2,000 sq ft
Mid 1980's construction; wood frame
4 bed/3.5 bath
Double car garage converted into a bedroom, but not counted as one of the 4 mentioned above.
ARV of $375k
Needs all new:
Windows
Siding
Roof
Floors
Kitchen
Bathrooms
Doors
MORE
Here is a Google Drive link to the folder containing pictures and videos of the walk through. I also created a spreadsheet to help with coming up with rehab estimates, but my numbers must be way high. I based them off the high-end cost ranges from "The Book on Estimating Rehab Costs" by J. Scott.
https://drive.google.com/open?id=16WOlVdj1U1iid4-vXJpH8Bc9h6dlBQAs
My next steps are reaching out to local contractors and shopping around for prices to get a more accurate cost of things.
Any help on what this project may cost and what an acceptable MAO would be if my desired profit is $30k would be awesome.