Estimating Repair/Rehab Costs When You Don't Have a GC handy

[Maria Bocanegra]

hello all! i am wondering how you all estimate repair/rehab costs when you don't have a GC or contractor readily accessible when seeing a property? i have some ideas on things like costs for granite countertops, appliances, refinishing floors, etc. but what about the more complex stuff - how do you all estimate this? 

I found a website called Homewyse that gives low and high estimates, but i am not sure as to its accuracy or reliability. 

Thanks for any advice, leads, additional websites or GC recommendations in Chicago!

[Asif I.]

Hi Maria - I use the following ballpark estimates when I am submitting my offers:

For fix and flip properties:

–50 dollars a square foot for gut rehab

–30 dollars a square foot for cosmetics

–15 dollars a square foot for great condition

For rental properties:

–Reduce the above value by 30%

›If comps have finished basements add that in the sq. ft. of repairs (usually add 1000 sq. ft.)

The above repair estimates are just to have estimate whether a lead is a potential DEAL

I use a detailed repair estimate calculator during inspection period. Send me a message if you would like to get a copy.

Hope this helps!