Harvey flood rehab costs.

[Jose Flores]

I am interested in buying a flooded home to rent out. For those of you who have rehabbed flooded homes due to Harvey, what was the total rehab cost?

[Fred Heller]

I was looking into that for some of my clients and discovered that the costs were too prohibitive. You're talking about $25-$45/sf depending on the amount of damage. If it's just a few inches of water, it would probably work because the cabinets, fixtures, etc. are probably still there. And it probably didn't affect the electrical or the windows.

The problem is most of these flooded houses received feet of water and everything has been stripped out down to the studs. All the cabinets are gone, as are the fixtures like toilets, bathtubs, and sinks. So you're talking big bucks.

We were looking at a house in Spring. Asking price was $70,000 and ARV was $135,000. I got two quotes to rehab them. One was $58,000 and the other was over $60,000.