Rehabbing & House Flipping
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 3 years ago, 02/02/2022
Help Estimating Rehab Costs?
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!