Estimate rehab with me

[Milos N.]

This is the toughest part for me. I haven't (yet) read any books on estimating (looking to get the J Scot ones next).

here is what I have seen today in my email.

Its more than a 100 years old. It is 2/1, but it has a small house attached to it, that could be made into additional badroom so 3/1.

it has been vacant for 8 years. In a climate that is cold (Indy).

Would you think that 50k in rehabs would suffice for something like this? lets say for a flip.

I know its hard to say, but please give me your opinion.

[Brian Pulaski]

@Milos N. if there is someone who has seen the house and says $40k, I would take what they say, based on their position in the deal. I've seen some houses and have been told what the rehab costs will be. They have never been correct to the costs for me, always low.

Is this rehab to be a rental or a nice flip? Seems rehabs are done different depending on the end results you are looking for, rental or flip. I look at costs based on flipping a house, so I look at doing better than the minimum.

Has the seller provided any kind of breakdown for his sub $40k renovation.

As a comparison, I'm under contract on a house with a $44,000 Reno budget. 1150 SF, with about 400 finished in the basement, 3/1.5. Windows, roof and siding are all good, electrical is updated, water heater looks good, furnace looks good. Bedrooms need paint, flooring and doors, living, kitchen and dining get done and the main bath is actually a very light redo. This is still a $40k renovation!