Help figuring rehab costs!!!

[Kevin Dunmire]

So I got my first deal that I'm working through but I'm struggling with the rehab figures. It's a 2000 sq ft house and needs a full rehab. Kitchen, bath, flooring....everything. A guide I'm following says $35 per sq for a full remodel. That means $70k in rehab! Does that even make sense? That would mean I offer this guy less than $15k for the house! Really?

[Shannon K.]

I also would advise against using a "per sq foot model" for estimating rehab costs. So many things can go wrong or change when you begin to demo the property. I have a 2000 sq ft flip I'm working on right now. Do you have a master list of rehab things the house needs?

I have 165 item Excel spreadsheet I have created which details everything from "Order dumpster, get permits, install lighting, order appliances, get matching door hinges, new house numbers, etc...." all with prices and totals.  Each and every single thing I can think of that would need to be done on a flip is in the Excel sheet.

Each house we flip or put a bid on, I load up the 165 item checklist and cross off what doesn't need to be done for that particular house and keep what's left. Then Excel totals up the costs and I have instantly budgeted for the next project! Super organized doing it this way!