Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago,

User Stats

9
Posts
0
Votes
Brian Shand
  • Rental Property Investor
  • Jupiter
0
Votes |
9
Posts

Total gut job rehab estimate on this REO, HELP!

Brian Shand
  • Rental Property Investor
  • Jupiter
Posted

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.