Full Gut Remodel Costs

[Dan Creed]

Recently acquired a single family property through a death in the family. 2000sqft property needs a full gut and plans to turn into a 2 family. No debt on the property. Estimates are bout 400k for full gut remodel (hvac, plumbing, electrical, roof, mostly new windows, kitchens, and baths, minor re-framing) New plan is for (2) 2B1B units and will rent for 2k and 2500/mo. 1 unit is a larger 2 bedroom. Any feedback on these numbers? Initial thoughts was this is expensive but I have multiple GCs in the 400k range. 

[Matthew Paul]

That price may not be that far off . You need 2 hvac systems , 2 electric meters , you should split the units and submeter the water .   

Dont know the pricing in Mass but you may want to see how much it would be to do a tear down and go new 

[Peter Mckernan]

Quote from @Dan Creed:

Recently acquired a single family property through a death in the family. 2000sqft property needs a full gut and plans to turn into a 2 family. No debt on the property. Estimates are bout 400k for full gut remodel (hvac, plumbing, electrical, roof, mostly new windows, kitchens, and baths, minor re-framing) New plan is for (2) 2B1B units and will rent for 2k and 2500/mo. 1 unit is a larger 2 bedroom. Any feedback on these numbers? Initial thoughts was this is expensive but I have multiple GCs in the 400k range. 

 It is close, but all areas are different.. I would get a couple more quotes, see how those quotes are broken down.. Got a buddy out there that is a solid realtor, and I could connect you to get a better gauge if you need it. 

[Josh C.]

I feel we could do that for around 300k, but that’s Indianapolis. Unsure your market.

Thats ground up new construction prices just about.