Rehab costs in Philadelphia

[John Baker]

Hello Everyone, i’d Like to first thank everyone for their time and effort into answering my question.

I have 2 rentals currently in Philadelphia and looking to obtain a 3rd one. The latest one I obtained was completed in 2018 (a full gut and rehab) which was roughly 1050 sqft and ended up costing me about 75k including everything.

My question is what would costs now be for a full rehab on a house 800-1000 sqft including new hvac, plumbing, electrical and siding etc.(The number that I came up with is around 75k)

Also does anyone have experience with reconfiguring the stairs layout (the current steps are in the middle of the house ) id like to move them to the left side.

Once again, thank you for your input and lookin forwards to hear from everyone.

[Mayer M.]

@John Baker

I do believe you’ll need an architect and while $75k worked as a rehab budget two years ago it will not today. Aside from the usual questions to determine the budget like will you need new water/sewer/gas service, or a new facade, or a basement digout, out structural repairs, etc.

All material costs have increased, leading the way is lumber which cost more than double what it did a year ago, drywall is up 30%, HVAC costs are up, etc.

I suppose $75k could work if you act as the GC and squeeze every penny, but in my opinion will be difficult.

@Troy Sheets may be able to comment as he has extensive knowledge of this and is a developer as well as a GC