first Remodel opportunity metro Detroit

[Paul Sassin]

Really want to try a Brrrr for our next project. However, I’m not sure how to predict remodel costs.

I know every market has diff construction costs. I came across this model below in a podcast. Would you say this is somewhat accurate?

* 3 tier system

- Light work- paint/flooring- ($15 per sq feet) plus major expenses- ex) window/roof (4k)

- Medium- new kitchen, bath, landscaping, ($20 per sq foot) plus major expenses

- Heavy- Everything- ($25-30 per sq foot)

I am looking at a house that has to be gutted to the studs, re-wired and prolly new plumming. But the frame is good..

Help me find some confidence :)

Thanks!

Paul

[Matthew John]

@Paul Sassin I wouldn't estimate any rehab on those rules because it doesn't take into account everything. "Everything" on a 1200sqft house is going to cost more than $36k. If you have to do electric, plumbing, drywall, roof, concrete, subfloor, kitchen, bath, etc...it can easily cost $60-75k depending on quality. 

I would say the only way to find out is to dive in. Start with a smaller rehab and as you do jobs you will figure out both the cost of labor and materials. Best way to find out is thru experience!