Need Help on Budget

[Derek T.]

Guys I am in need of some help with my SOW and budget for a property I am purchasing. The property is an older property (built in 1920) and I am picking up the property for $45k with an ARV at $180k. The problem is with the rehab numbers and SOW. It needs a lot along with the fact that I have to finish the basement to make it a 4/2.

The house is in rough shape and needs a ton of work however my budget is $70k on it and my GC came in at $85k. I have worked with him before and trust his numbers as all of his other estimates have been in line with my budgets. So I would like to keep the same GC as his quality is great and I trust him. So, I need some advice on how to cut some on this project; here is the budget...............

Demo- $2800
Roof- $4800 (fix roof on addition and raise roof in kitchen)
Gutters- $1200 (replace gutters)
Siding- $3500 (replace with new siding)
Exterior Doors- $1800 (replace 3 doors)
Shutters- $600 (add to front windows)
Exterior paint- $1500 (paint cinder block, trim, porch, columns, shed, etc)
Landscaping- $700
Windows- $3000 (replace all windows{14} except 3)
Walls- $2500 (open up 2 walls from living room, dining room and kitchen)
Drywall- $4500 (replace all ceilings, repair and patch as needed)
Rough Electrical- $4800 (bring up to code, install new outlets, GFCI and ARC fault breakers, move electrical in basement to free up ceiling space)
Finish Electrical- $1600 (replace all receptables, outlet covers, switches, switch covers, light fixtures, and ceiling fans)
Rough Plumbing- $3500 (replace water heater, relocate/replace plumbing to free up basement ceiling space)
Finish Plumbing- $700
HVAC Rough- $4500 (Replace oil heating furnace and add AC unit)
HVAC Finish- $400 (replace covers)
Ductwork- $2500 (add new ductwork, registers, and grills)
Kitchen- $10,000 (add bar style pennisula with cabinets, replace all cabinets, add grade A granite, create pantry, replace flooring, glass backsplash, new appliances)
Bathroom #1- $3500 (bathroom #1 remodel)
Bathroom #2- $4500 (basement bathroom creation with injector pump)
Interior Paint- $2200
Interior Doors- $600 (replace all with 6 panel)
Baseboards- $3500 (replace all baseboards)
Flooring- $4500 (replace with new hardwood)
Carpet- $600 (in basement family room and bedroom)
Finish Basement- $7500 (framing, insulation, drywall, trim, etc.)
Leveling Basement Flooring- $5300 (tear up concrete and relevel)

This is an older house with older doors, molding, finishes, etc.; nothing really has been updated. In my area new kitchens with granite are standard at the $180k price point along with remodeled bathrooms, siding on older homes, etc.

Where do you think I can help shave some from the budget but still maintain a great finished product? I was thinking keep the old baseboards (save $3500), no shutters (save $600), only replace 2 exterior doors (save $600), just paint gutters (save $1100), maybe scartch the backsplash and pantry (save $800), maybe do laminate instead of hardwood (save $2000), possibly don't open up the walls (save $2500) but I am hard pressed to find other ways. This will save another $8600 but I still need another $7-10k.

Is backsplash, replacing baseboards, adding shutters, replacing doors, etc. standard on your rehabs? Any thoughts on the budget?