Ball park estimates for rehabs

[Robert Tinker]

What do you use for cost per sq. ft. for a quick off the cuff estimate on rehabs, to see if the deal is worth pursuing. Median type home B neighborhood.

1. Quick cosmetic, paint and light rehab

2. Middle of the road, flooring, cabinets, appliances, lights, tile tub surrounds etc

3. Full gut

Thanks in advance

[Marcus Auerbach]

Great question @Robert Tinker! My numbers are based on B neighborhood single family BRRRs in Wisconsin - might be higher than what you see in TX, I am always shocked how cheap new construction is down south! This is for licensed contractors, quality work, quality materials and permits.

1.) Paint (walls, ceilings, no woodwork), flooring (LVP or refinish HW, usually not carpet), light fixtures, blinds, hardware, frostproof exterior water spigots, minor landscaping,... it adds up: $15/SF

2.) Middle of the road: new kitchen, new bathrooms, new windows, new woodwork, doors, trim, electrical, plumbing, HVAC as needed.... depending how extensive the list is and if some items are already newer: $40/SF to $50/SF

3.) Full gut: that can vary a lot - my last one included excavating the basement, new roof, new driveway - anywhere between $75 and $100 /SF

4.) New construction: $160-220/SF

I have found that the numbers in J Scott's book about estimating rehab cost are pretty good, except in the meantime you have to adjust a bit from higher material and labor cost. If I am not mistaken he used to flip in Milwaukee for years...

@Robert Tinker