Hi everyone!
I am a new member of the BP community and am under contract on my first rental property in Lakewood, Ohio. I'm starting out with no experience in home improvement projects and don't really have a good understanding of what things will cost. I was looking to buy a turn-key property, however there are a couple big items we found during inspection that need to be addressed before moving in tenants. I'm trying to understand costs to ensure that my investment still makes sense.
Are there any helpful project cost estimating tools you've found? I have been adding up costs using homewyse.com. It's an awesome tool and provides estimates by zip code, but I have a strong feeling I'll miss some important things because of my inexperience. Here are the items I'm looking to address:
1) Completely gut and redo one of the units (1 bed, 1 bath) - The current tenant is a chain smoker and we were not able to get into his unit prior to an accepted offer. Upon inspection we found a brown /damaged ceiling, the appliances have turned from white to yellow, the smell has penetrated everything, and it's all very old (bathroom fixtures, carpet, etc.) and needs replaced anyway.
2) Basement - smells awful (mold?) and we will need to remove all finishes (drywall, etc.) due to improper install and moisture damage. Tear out basement bathroom (improper install and not operable) and cap off sewer line to reduce odor. Remove all clutter / debris. Power wash. Paint walls.
If there's anyone out there who has experience with projects like this in Ohio and can provide an estimate / range, or another tool that captures the little things (they do add up quickly), I'd appreciate it!
Katie
