Wednesday, March 25, 2009

Real Estate: Next Rehab Project

We have looked at how we should, in theory, perform an inspection. Now I will go through a rehab to show you the actual steps and missteps we make. There is always something we over look in the initial inspection. That is why we have a fudge factor in the estimates to allow for something that is overlooked or hidden to our original inspection.

Emerson is a 3 bedroom, 1 bath single family residence with 1050sf. We are going to rehab it so we can Rent-To-Own (Lease Purchase Option). I estimate rehab time to be 3 weeks from start to finish. Estimated start time is April 30th. Here is our scope of work & my estimate for the rehab at 410 W Emerson Ave:

Basic Rehab

  1. Landscape:............................................................$1500
  2. Paint: Exterior & Interior......................................$3738
  3. New gutters............................................................$250
  4. New roof.................................................................$5175
  5. Repair fence south & east side of property............$500
  6. Repair holes in wall................................................$500
  7. New flooring...........................................................$3450
  8. New cabinetry.........................................................$350
  9. New countertop......................................................$750
  10. Repair wall heater..................................................$250
  11. Replace doors: kitchen, garage & entry door........$375
  12. Replace outlets and switches.................................$750
  13. Replace toilets (2) & tub (2)..................................$350
  14. Replace vanity........................................................$350
  15. Replace appliances................................................$1000
  16. New hardware.......................................................$575

Price out
  1. Replace interior doors.............................................$867
  2. Replace windows (vinyl).........................................$1500

So my initial budget is $19,850 with $2367 for additional work. We will see how I did in a day or two. I am having a contractor give us a price to do the work. In the meantime I will be doing videos of our progress. I will be posting those soon.

See Ya,
Mike

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