Rule of Thumb Costs for Rehabbing a Foreclosed Home

Standard Foreclosed Home 1,000 sq. ft. 3 – 4 beds, 1bath Rule of Thumb Costs (costs are averaged)
EXTERIOR
Roof – standard tear off and reshingle $4,000
Roof – replace plywood $1,500
Roof – add a layer of shingles $3,000
Vinyl siding (removal of old siding included) $6,000 or $5 – $6 / sq. ft.
Tuckpointing $1.50 / sq. ft.
Pour new concrete – 4″ deep $7.00 / sq. ft.
Replace windows $225 – $250 / window
Cap windows (w/ aluminum) $80 – $100 / window
New soffets and facia $2,500
Install new gutters $1,200
Replace exterior doors (steel or solid wood) $400 – $500 / door
Landscaping/grounds cleanup $500 – $1,000
INTERIOR
Gut whole house interior – includes disposal costs $2,500
Rough plumbing – run new copper plumbing through house $4,000
Upgrade to 100A panel $1,500
Rough electric – new electrical throughout house $4,000
Install 40 gallon hot water heater $700
Install furnace (assuming no duct work) $1,800
Average furnace repair cost $300
New Drywall – hang & tapel $6,000
Drywall – patch and plaster $2,000
Replace interior doors and hardware $1,500
Install new carpet (industrial low pile) $1.50 / sq. ft.
Sand, finish, stain old wood floors $2.00 / sq. ft.
Heavy duty 18×18 vinyl tiles (w/ underlayment) $5 / 18″ square
New bathroom – Concrete backboard, toilet, ceramic floor and shower wall, pedestal sink, tub, toilet, new subfloor $4,000
New kitchen – New cabinets, sink, counter, vinyl floor $5,500
Trim work – install new trim for windows, doors and floors $1,500
Trim work – repair old trim work $400
Electrical finish work – New outlets, trim, light fixtures, smoke detectors, CO $800
Paint interior of house $1,500
Install fridge and stove $1,000
Install washer and dryer $1,000
Privacy fence $20 / ft
Finish full attic (including small electric work) $5,000
Basement – patch & paint gray – walls and floors 950
Demolish 1 car garage include disposal $1,200
Drink Beer with friends Priceless
*Add 15% – 20% GC fee if you do not do your own project management

Comments

  1. Ty Moffett says:

    I noticed that you typically install a furnace but you don’t mention air conditioning. Did you leave it out or do you use window units?

  2. buyfixandprofit says:

    In my area and price point in the Chicagoland area, most of the rehabs and rentals use window AC units which I try and have the tenant supply because there’s always issues with these – something breaking. For some of the rehabs and flips we’ve done at higher price points, central air conditioning was provided because it was expected.

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