I am looking to purchase and rehab a run-down apartment building or two in Columbus OH, specifically near the Ohio State campus.
I am trying to research and figure my rehab costs but most of the information I find is geared more towards rehabbing a nice SFH… That is overkill for what I need.
Can anyone share their rough-guess numbers? In the numbers I give below I am assuming worst-case scenario for one building – almost nothing is there except the plumbing, electrical, walls and a finished floor.
When estimating rehab costs for student apartments, what do you expect when having to fully rehab a kitchen? I estimated around 2000.
I am estimating rehabbing a bathroom at about 1000.
I am estimating replacing a medium sized window on a brick building at about 300$. It does not have to be fancy, just basic and preferably double-paned.
How much of a nightmare is it to take down plaster and replace it with drywall? About how much does that cost per sheet or per square foot?
Roughly how much is a flat slightly-pitched roof to tear-off and replace per “Square” ?
Regarding financing-- I have my own capital for DP and rehab and good credit (770). I want a low rate and honest lender. What would be a decent rate? I am hoping for about 7%
Regarding other costs, based on research & reading other posts, I am assuming my total operation costs (including prop taxes, management, water/sewer, insurance, basic maintiance, vacancy of 7% gross rents and incidentals – NOT including mortgage) at about 50% total of gross rents.
Current asking for the buildings, given their state and vacancy, is too high in my opinion. I am going to offer him a lower amount based on some basic structural contingencies but otherwise “as-is”. If he does not accept I will begin looking for another property.
My absolute drive after purchase would be to drive down rehab costs as much as possible, so I would look to directly hire subcontractors themselves for the work and manage the process on-site myself. I would be available to do this full time and actually basically do this for a living already (but on industrial sites). I could do some of the electrical, basic plumbing and some rehab work myself to further reduce costs.
All comments are greatly appreciated! I will give back whatever I can here!