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Updated over 3 years ago,

User Stats

122
Posts
33
Votes
Yiftach Ilyov
  • Specialist
  • Tampa, FL
33
Votes |
122
Posts

8 unit vacant for 12 years - Rehab question

Yiftach Ilyov
  • Specialist
  • Tampa, FL
Posted

Hope all here are doing ok and stay safe!

I am looking at an 8 unit property, 10,000sqft,  that is vacant for 12 years. 

property is in Cleveland, was vandalized and will need everything done - plumbing, roof, electrical , mechanical, windows and of course everything cosmetics.

I was hoping to get some insights from anyone who did such a project mostly in regard to cost.

Seller is VERY motivated and basically selling it for cents on the dollar, rents in the area can be VERY high and im very confident in the underwriting of the transaction - only thing that is missing for me is the rehab cost.
im scheduled to speak with contractors next week that specialized in this kind of projects but wanted to hear personal experiences before.

absolutely not looking to get an exact number - just a feel of what should i expect.
I figured if I'll send 37.5k per unit(300k rehab budget) I have a really good deal.
If I'll spend 20k per unit(200k Rehab budget) or close im knocking the ball out of the park.

How far fetched  are those numbers? How optimistic/pessimistic am I here?


Any constructive opinion will be much appreciated !
Thank you

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