Posted by Todd VA on December 15, 2002 at 19:38:03:
Eva,
Thank you for your reply. Unfortunately, I made the mistake of making the offer without taking a good look at the prop. It was more like a drive-by offer. I had a contractor go in today and look at it and although I can still profit, it would be too thin. Luckily, the sellers were out of town (they gave me a verbal acceptance) so I had a chance to pull my offer. This house is actually in Chesterfield co. i am not too interested in doing rehabs in the city. I think its a little too risky. Email me I will send my #. I would love too talk!
Posted by Todd VA on December 14, 2002 at 14:51:34:
I understand that the price of a complete rehab will vary depending upon location. I am hoping that you all could tell me what you would expect to pay for the COMPLETE rehab of a 1000sf 3/1 house. I am looking to completely gut this house. New roof, hvac, electrical, floors, etc. Please let me know what you would expect. By the way, I am in Richmond, VA.
Posted by M. Martin on December 16, 2002 at 24:11:36:
Todd,
You will have to research in your area. There are so many variables involved other that just location. Is it a high end rehab to sell or a low end for a rental? Are you using handy men or professional contractors? Are you installing granite coutertops, custon cabinets, hard wood floors or formika, off the shelf cabinets, linoleum floors?
Write down your scope of work and spec out what materials you want to use. Get prices from contractors and suppliers in your local market place. This the only way to be exact. Once you have that number double it and you are set to go.
Posted by Eva_VA on December 14, 2002 at 19:41:23:
Hi Todd,
I too am in Richmond and am curious where in the area this house is that you’re looking to totally gut. Is it located downtown? Some areas are going thru revitalization and I’ve been playing with the idea of taking on a rehab in one of those areas. Just not sure if it would be a smart idea or not. I read your post on the other website and I too think $17K isn’t enough for a total rehab like you described. Perhaps you could have a contractor look at your investment and give you a more educated estimate of the cost. :o)