Hey everyone! I am a multifamily investor and am fairly adept at understanding what it takes to get into a multifamily in my area and repair costs, renovation costs etc. I am doing my first deal outside of this arena and I am getting wildly different quotes/ranges from contractors on the remodel costs. I am curious what you have experienced? Here is the deal.
The home is 2800 sf, with 800 sf garage. It is 3 stories, built into a hill, has 2.5 acres, extensive exterior landscaping, and is not finished. It is about 1/3 finished on the inside. We will want to basically totally demo then rebuild. We are hoping to get the ARV to between $450-$550K. I know this is a big range and there are a lot of variables like local market etc. I am curious though on any higher priced flips/renovations you have done, hiring a GC and hiring it all out, what kind of price per sf your renovations have been? I had 1 quote at $125K, another come in at $675K. Both I thought were incorrect, so I am still searching. Here is what we are wanting done.
Exterior- New siding, painted, Large 2 story deck, stone staircase leading to the front door
Interior- New engineered hardwood floor, tile, paint, trim, carpet, electrical outlets, bathrooms (there will be 4 total) New kitchen to include counter tops, cabinets, appliances
Plus the demo of the current state of affairs to get us there. Again, I know there are a lot of variables, but what have you experienced in your area for a higher price point renovation? (this is higher price point in mine) Thanks for your help!
