I’m looking at a deal thru a realtor. Propert Listed at 229,000. great residential location. First floor 2 bedrooms L/D/K/1 ba. 2nd floor smaller with 2 bdrs/L/K/1 ba. An also unfinished basement. with a 2 car garage.
House and garage needs to be repainted. and needs landscaping. On first floor both bedrooms needs repainting and floors redone. living and dining needs the same. bathroom needs new entire revamp. Kitchen needs new floors, appliances(stove and sink). Second floor just needs to be repainted. Garage needs new roof.
Question: How do u estimate the cost of repairs per square footage?
Ive estimated repairs as follows:
Exterior paint: 5000.00 (Both house and garage)
New Kitchen: 4500.00
Interiror paint: 3000.00
Sheet rock repairs: 3000.00
All new windows: 5000.00
Floors Carpeted: 2500.00
Total estimate : 30000.00 to 35000.00 Repairs
Plumbing is good. New furnaces. Electricity is good
2 family is rented. Lease ends June 1, 2009
1st fl. 960.00 / 2nd fl. 790.00= 1750 total rents as of today
With renovation estimated rents in area 1500.00 1st fl. 1200.00 2nd fl
Now my question is: If the ARV is 186,3000(comps) *.70=130,410-35000(repairs)=95410-10000(assign fee)=85410 (MAO)
IS THIS A REALISTIC OFFER TO MAKE ON THIS DEAL?
*I’M A NEWBIE. TRYING TO GET FIRST DEAL. :help