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Updated almost 3 years ago, 02/02/2022

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3
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2
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Justin Case
2
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3
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Help Estimating Rehab Costs?

Justin Case
Posted

Hi all,

Investing newbie here. I'm hoping to use the BRRRR method on run-down small multi-family properties in Connecticut. I found a duplex on the MLS that's in bad shape and am trying to estimate the rehab costs (pictures below). My back-of-the-napkin rehab estimate is as follows:

  • Drywall: $20,000
  • Flooring: $18,500
  • Windows: $17,000
  • Bathrooms: $16,000
  • Roof: $12,000
  • Siding: $10,000
  • Paint: $9,000
  • Cabinets: $8,500
  • Appliances: $8,000
  • HVAC: $7,000
  • Doors: $5,000
  • Counters: $4,000
  • Contingency: $15,000
  • Total: $150,000

Obviously, there are wayyy too many unknowns to accurately estimate rehab off of just a few pictures (e.g., what's the status of plumbing, electrical, any structural issues, etc.).  However, at this stage, I just want a high-level check on whether I might be in the ballpark.  Is there a reasonable chance I'm within 20% of the total rehab costs?  If I'm certainly way off-base, I'd rather not waste a contractor's time asking for a quote on a project that's most likely a non-starter. 

Any and all feedback would be greatly appreciated.  Thank you!

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