Originally posted by @Shmuel Waldman:Although I have no magic crystal ball - On a gut jobDepending on how extensive you are guttingWindows/Electric/HVAC/Plumbing $45 - $65 per SF is a fair GuesstimateThank you, it would be a basic flip gut job property is in bad cosmetic shape and it would be flipped..Thanks for your help!

We’re both in college, and while we both have respectable jobs (by college standards) and strong credit, we’re aware that it’ll be very difficult to find hard money loans in our position.

You did a nice job, congrats!

I know it's the broker's job to sell the property and their pro-forma's aren't to be completely relied upon, but a 50%+ reduction in insurance cost seems pretty high...

I usually pull minor alteration permits if the job allows, so I have less experience with permits with plans, but this is what I budget:   1 month for Arch, 1 month for the city to review. 

Picture of the car preaty well says it all....nut job.

Great job !  

To many corners cut that cost time and money.

Taxes/ year: $3,002,  Insurance: $1,573,  Trash/ year: $654,   Electric/ year (exterior lights): $420,   Water/ year: $1,200 sewer/ year: $1,500,   Spray for bugs/ prevention: $311/ year,    Lawn cutting/ year: $640,   Misc (furnace filters/ 9v batteries): $250I have gotten mixed reviews back from my colleagues when they go over these numbers with me.

However, you still run the risk of getting so busy with your regular job that you lose sight of the rental and things slip through the cracks or you don't have time to deal with late rent or you forget to do an inspection...A property manger costs about 10% which is $2,400 yearly on a $2,000 rental.