Cost of Gut rehab on 1500sq ft in Philadelphia?! Including basement!

[Garrett M.]

Hi out there in BP land!

Do you guys have experience with estimating gut rehab costs for Philadelphia? I know it will all depend on who does it and how nicely its done... 

The house is a 3 story, single family, 1500 sq ft. 4 bed/1.5 bath in a good part of Francisville that absolutely needs a gut renovation. It will need everything done, roof, electrical, basement slab, kitchen, baths, flooring, windows. Everything, except for the new furnace, and even the ducting will need to be reconfigured.

It will be a rental and I plan to hold it long term. I want to do it well enough to attract tenants who want something a little better than average. At the same time, I want to save money.

Currently my thought is to hire a general contractor for the job. In my fantasies, I have time to oversee the job myself but honestly I don't have much time available. Any other suggestions for how to get it done? I'm not eligible for FHA 203k as I don't plan on moving in.

I was guessing 75k. 

What do you think? 

[Andresa Guidelli]

Garrett, 

As other folks mentioned, there are several factors that will affect your final cost.

It seems to me that this is not a simple project, so even if you had time, in Philly you have to hire a GC for certain jobs, you can't hire the subs yourself. 

Francisville is an upcoming area, so city inspectors are constantly checking if you have the permits to do the rehabs and make sure things are done the right way.

The properties I did with similar spaces cost me $80 to $120 and they got sold in less than 15 days. Considering you are renting and the grade doesn't need to be high .... I would say your should be under my costs depending on finishes you select.

Get at least 3 to 5 bids (Dont be surprised w the discrepancy lol)

Let me know if you need any help.

Best,

Andresa