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Updated about 3 hours ago on . Most recent reply
Need Help Estimating Rehab Costs
Hello, I'm new and I plan on doing fix and flips in Chicago's South Suburbs. I'm trying to figure out what Rehab prices (material/labor) should I expect to pay as an investor and still be profitable.I'm focusing on SFH maybe 900-1,800 sqft. For example, how much should a roof cost? How much for single pane windows?How much for double pane windows? How much for plumbing?How much for electrical? How much for HVAC? How much for siding?How much to renovate a garage? How much for a nice updated bathroom? And how much for a nice updated kitchen.(nothing Super crazy just nice,updated and modern. It seems that most contractors that I speak with are all over the place with these prices so I'm trying to get a general guide post for this market. Square footage approach eample:Light rehab sqft? Moderate rehab sqft? Heavy rehab sqft?(scope of work for each of those categories included please)would help a lot. Thanks!
Most Popular Reply
Hey hey @Dahtanun Combest - You are asking questions that many of us struggle with as investors - myself included. The hardest part is that each property typically has so many different variables that it's hard to nail down the exact costs without doing a full material take-off.
The investors I've seen who excel in flipping - tend to hunt for the EXACT SAME HOUSE OVER AND OVER AND OVER AGAIN until it gets boring.
As Paul mentioned, if you ask five different contractors, you will likely get five different prices that will vary highly (especially here in Chicago)!
If you are doing an extremely light rehab you might be in the $15-30/SF, cosemtic rehab might be from $40-60/SF and a full rehab of interior only might be north of $80/sf - There are SOOO many different variables that these should just be used for back of the napkin calculations to verify if a deal is even worth looking into more.
Happy to hop on call and talk in way more detail about renovation cost!
Always appreciate the tag @Paul De Luca
- Jonathan Klemm
- [email protected]
