Curious- Gut Rehab Costs?
I never thought of doing one until a bird dog e-mailed me one. It's a 3-flat + coach house. 3900 sq ft total. 1st floor is ok, 2nd has water damage, 3rd had a fire...was repaired but needs work still. Heating is out completely. I was told this is basically a gut rehab. Seller wants out for 180k, FMV lands around 300-320k.
I know it's impossible to give me a close estimate with all the different factors...
but I'd like to hear what more experience rehabbers think. Basically what number pops in your head from getting an e-mail like this? How long would this kind of rehab take?
For what you listed, you maybe better off getting 3 to 4 estimates from contractors to see where thier numbers land.
Your location, your market, how expensive you want to get, etc..... all determines rehab cost.
It really all depends. I would get three estimates and go from there. Additionally I think 180 is a bit high for a total rehab. I would try to get tnem down significantly if you decide to make an offer.
[addsig]
Yes, I know I'd want to get estimates if I wanted to seriously consider this place. However, this just landed in my lap through e-mail and this place is very far from me. I just wanted to know if it was worth taking the multiple trips. I just want an idea, no matter how general it may be.
Well until you get the estimates I don't think you can make that determination.
It's up to you wether or not you want to make the effort.
[addsig]
If it's a total rehab, count on about $25 per sq foot to do it, providing you do it yourself. This should include any mechanicals that you may need. This is based on experience of several homes I've done. If you need a roof, driveway add more money. Good luck