I’m currently trying to work out numbers on a property I’d like to rehab, but unsure on some of the bigger cost items.
Richmond VA
3/2 ranch home
1100 sq feet
ARV estimate is 130-139k based on 3 other houses that sold in the neighborhood in last 90 days.
I’ve tried calling a few contractors, but none of them want to even ballpark estimates without seeing the property. So it’s making it hard for me to determine repair costs.
Repair costs I need help on is
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Siding. Currently in place is badly deteriorated lap board on one side of the house, the rest of the house has boards that require repair here and there, and I’m not sure I can match the existing lap board to that which is currently available. How much does siding usually run if I have to replace all of it with vinyl or something else.
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HVAC - currently the house is not outfitted with central air, only a wall cut out in the living room for a window unit and the rooms have baseboard heaters which I’m not sure work. Most of the other houses for sale have central air. How much does a typical heatpump w/duct install run? Costhelper.com says: “Estimates for a older, smaller house of 800-1,000 square feet with no existing duct work run $2,100 -$6,000, or as high as $10,000 or more” Does that sound about right?
I know every city has different economies at play, but hoping someone might have some advice that will help.
Homeinvestor,
I just got two bids for heat/ac in the same size house as yours, and it had ductwork: the bids $6500 and $5500. I am looking for about a $4000 bid as I think it’s just too high.
For the siding, you need to go to Lowe’s or Home Depot or whatever place sells siding and just take a look at it yourself. Write down the prices. If only some of it is bad, why not just replace the bad parts? Don’t re-do more than you have to. Maybe you can move the parts around so the old and new are are different sides of the house.
Your best friend right now is Poverty. Otherwise you could buy into too much repair, too much debt. YOU DECIDE, not a contractor. Do only what is absolutely necessary on this first rehab. Contractors LIKE ripping stuff down and using all new material. DON’T DO THAT. Instead get a 2nd or 3rd opinion and listen to your good friend, Poverty. Your friend who says, “I can’t afford that, what is the most critical job and what does that cost?”
Good luck, and keep that budget in mind.
Furnishedowner
The duct work for the a/c is key. If there is central heating, they should be able to tap into that pretty easy… I agree, around 4k should do it at most.
Siding is very tricky to match, if it’s been installed for a while, chances are you wont be able match it up. You can probably get the whole house stucco’d for around 5k which is great for adding value as well. Your return on a good stucco job could be twice as much. Color in stucco also means you never have to paint either.