hey all,
not counting hvac, and assuming there is no structural damage, is there any kind of formula on rehab cost? I guess my question is, is there an avg. cost per sq ft to rehab a home?
I’m hearing $8-10 a sq. ft. a lot – but for a total rehab, I think this may be a little low.
Keith
There is no formula or average. Each house has to be evaluated on its own merits. With experience, you get faster at ballparking the cost of a rehab, but there isn’t a formula that will substitute for experience.
trwilliams,
Are you asking about a “paint, carpet and rent”? As Keith noted you’ll have to give a square footage – and then, you’ll have to go with your local best prices. I don’t go totally cheap, I go mid level and get the best deals. Then they come back to fix it without me having to find out if they are in jail. I’ve done the cheap route – it’s not worth it when you can’t find them for repairs.
I’m with DDavis, experience gives you the best idea. I can walk into a house and walk out with an estimated idea for repairs. I’m also not shy about destroying a wall if with a screw driver. But I buy on the low-end ::).
If I buy it on the court steps, my estimates are in a ballpark, and like in baseball, I’m screwed if the home team didn’t even try to do their job.
Good luck to you.
I am working on a rehab now, and use numbers that I got from Real Estate courses and it worked out to be close…
like -100-250 for windows
$100-175 for a tub
carpet - $1.50 -3.50 a sq foot
ect…
most rehab course will give an idea-
but nothing beats experience…
I just purchased a 5 unit building thats pretty old. All of a sudden I have two vacancies and want to take advantage of the time to do a little rehab. There are so many things I can do, but the area probably won’t warrant over rehabbing iot, although it has been improving over the last couple of years. I am going to replace all the flooring and paint both units, but after that we’re not sure. I’ve got some old metal base and wall kitchen cabinets that I’m debating about. I’d like to replace the cabinets, but I don’t want to spend too much. I have no problem buying used ones. I’d even consider buying 5 full sets of ktichen cabinests if could get a deal. they are in the Palm Desert Area of California. Any ideas?