It was my first rental and I definitely under estimated the cost.

My wife owns a rental property that we plan on selling in the near future, ie coming months.It is a complex situation, but I am having a hard time coming up with the cost basis of the property, estimating the depreciation, which will ultimately give me an idea of the tax bill due at conclusion of the sale.first, the property was purchased (~1988) with what sounds like a lease purchase agreement by her parents (close family member bought the house, parents made lease payments over time with eventual outright purchase of the home from close family member). in 2008, they move into new home but keep as rental. shortly thereafter, second mortgage made on home to cover costs due to family business that eventually went under.

I Owe $276,000 and zillow has the sell value at $422,000 and rent estimate at $2,500.

You learn a ton: what it takes to property manage, how much maintenance is, dealing with contractors, estimating costs, etc.

The estimated value came from Redfin (which is more than likely high) but even if you call it 680 those numbers make sense.

How do I get a realistic estimate of what this new bill would be?

A written estimate from 'Sinkhole Titan", from November 2021 to pin the home, was provided to me by the owner and that cost was worked into my numbers.

Relatively new to the home buying process, but actively searching for my first investment property.My question is around estimating the renovation cost during the purchasing process.

I know the pipes would probably cost around 10k to replace haven’t gotten an estimate on the trees yet.

Do get multiple estimates though.