How do I properly estimate rehab costs?

[Henry Polanco]

Hi all,

I'm looking into getting into flips in Philly. My biggest hurdle is estimating rehab costs.

What information should I use to get a close estimate for my materials and labor?

I read that using  x dollars per square foot is a good metric depending on how much work the property needed but the numbers were outdated.

How much time should I add due to supply chain issues?

I really only want to do lipstick rehabs until I get comfortable. From what I understand, 3 months was usually a good timeline for that kind of project; is that still true? I just want to have a realistic idea of what my holding and money costs will look like. 

I want to be conservative in analyzing my deals and calculating my max offers but I feel like without this information, I'm going to get in a lot of trouble.

Any insight at all will be greatly appreciated.