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Updated almost 7 years ago on . Most recent reply

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Henri Meli
  • Investor
  • Morrisville, NC
672
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1,014
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Ball park estimates of Apartment in NC

Henri Meli
  • Investor
  • Morrisville, NC
Posted

I know this is a very generic question. But I just want to get an idea about the ballpark answer.

I have never done a full rehab of a 2BR 1BA. Based on what I was shown, this apartment is really in shambles.

Almost new drywalls (5/8) + pop corn + new doors paint + trims. About 10 doors total (main, 3 rooms, bathroom, kitchen, 3 closets, water heater room). My estimate: 4-5k

New carpet with padding. My estimate: 3-4k

New Bathroom. Tiles on the floor, vanity, mirrors, new shower and heads. My estimate: 2-3k 

New HVAC Unit (not just the unit outside), Coil, ... etc will need work. My estimate: 6-7k

Complete new kitchen (Floor tiles, new Cabinets, new countertops, ...), and new appliances. my estimates: 4-5k

All my estimated include parts and labor (certified and insured electrician, plumbers, painters, ... etc)

Bed bugs/Pest control cost should also be added, I think.

Whole apartment is about 900 square feet. 

Property was originally built in 1986 in NC.

Seller estimates less than 10k for this apartment to be rent-ready. 

My quick assessment would be closer to 20k. 

I want to make an offer, but I told seller, I need to deduct the make-ready costs. 

Please chime in based on your experience. Really appreciated.

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