Did I overpay for this "down to the studs" rehab?

[Matthew Bass]

Hey everyone,

We just finished rehabbing one side of our duplex. 840 square feet on that side. This was a "down to the studs" rehab. New drywall, insulation, plumbing, electrical, windows, flooring, trim, cabinets, appliances, bath, toilet, sinks, exterior railings, exterior siding, etc. There is very little left that's not new on that side of the duplex.

The total cost for the rehab is coming in at $29k which includes both labor and materials. My question to the forum: does this sound  about right or did we overpay? I realize it's not a simple question and there are a lot of details to take into account. I'm just looking for a gut feeling from those of you who have done this before.

Thanks,

Matt

[Christopher K.]

As others have mentioned, still lots of unknown variables. If that was vinyl siding, carpet/vinyl flooring, laminate countertops, cheap cabs from the big box stores, etc. - then $29k could be a little heavy. 

But if the work was done correctly, by licensed/insured guys, and or you had a GC or anyone who even remotely knew what they were doing managing the job, I would say you still probably didn't get ripped off or massively overpay or anything.

Costs on a full gut with windows, trades, fixtures, siding and the like add up really fast. Also anyone doing this on a regular basis right now knows that getting construction done (and done right) in this market is very challenging and   is more expensive. Lumber and other material costs have gone up and up (lets not even talk about plywood right now) and labor costs have continued to trend up, as we all know what high demand does to the cost of anything.

Again, assuming the work wasn't shoddy and you bothered to have it inspected and have already passed your final, I wouldn't worry too much about that cost for that amount of work. $30k goes REALLY quickly these days.