Estimated Rehab Costs

[Rhea Campbell]

I am in the inspection period on a property in a great North Tampa neighborhood called Carrollwood. The property sits on a double lot and has the following characteristics:

• -3/2, 2,141 sq. Ft, built in1958
• -Roof is 5 years old
• -AC is operational, but we don’t know its age
• -Ranch style home
• -Lot size is 167 X 200, .0766 acres, three times the size of most other lots in this neighborhood

My plan is to "sell" or wholesale the property and half the lot to a fix and flipper through a double closing (the agent didn't want a wholesaler in the deal), demise the full lot into two, then sell the leftover lot on the retail market.

Any guidance another professional can provide around demising Tampa lots, ie: do's and don'ts and who to contact and estimates for rehab would be helpful. The home is a full gut job except that plumbing and electrical is fine. Is $45/sq ft. a good placeholder to use in my underwriting for the Tampa fix and flip market?

Thanks,

Rhea

[Alfredo Rodriguez]

Hi Rhea 

Are you doing the rehab and then resell it or are you wholesaling it as is ?

If you want to wholesale this property as is let me know I have a few investors in the area that may be interested! 

When it comes to rehabbing budget it all depends on your scope of work. Only estimating $45 dollars per square feet will not be accurate since it all depends on the finishes as well and the type of rehabbing you have ahead. Try to get at least 3 quotes from different contractors (contractor bids)this will give you an idea of rehab cost in the area. Must 1958 houses have cast iron pipes and wire is outdated. Make sure plumbing and electrical are as you said fine because most of this older properties unless it has been already update they aren’t fine and cost of rehab can be tremendously including permitting and time . I’m local and my office it’s in Carrollwood Tampa. So if you need any assistance i can definitely help.