Estimating Reno Costs

[Marquez Cadet]

For the following scenarios, what cost per square foot are you using to estimate the renovation costs of a wholesale property in Colorado Springs, CO?

* Light Renovation

* Cosmetic Rehab

* Gut Rehab

[David Ramirez]

Hey @Marquez Cadet, 

We used to work with price per square footage but we shifted to estimating based on 4 tiers of size and then the 3 tiers of rehab that you mentioned. On top of that, we add an average price per big ticket item. Them being the 3 mechanicals (HVAC, ELECTRICAL, PLUMBING) and ROOF. We have found that to be more accurate based on our previous flipping experience. 

I would say based on my experience, someone correct me if I'm wrong, that the industry average goes as follows: 

*  Easy: $20 per sqft

*  Needs work: $30 per sqft

*  Full gut: $50 per sqft