So how do we go about estimating repairs on a house? This was our first time seeing the inside of this house we have under contract to purchase. It's 2 beds/1 bath 800 SqFt single family home. We got it at a great price less than $.30 cents on the dollar, so we contracted it sight unseen. When I first looked inside I was pleasantly surprised, that the repairs needed were not that bad.
We often get questions from new investors wondering how to estimate & evaluate repairs on a property? What do I look for? How do I estimate repairs?
I've walked through over 1,000 properties over the past few years, so I have extensive experience evaluating properties.
This particular property has what they call "solid bones". Meaning it's solid structurally, and well built. It needs what I would consider "minor cosmetic repairs". Such as refinishing hardwood floors, renovating kitchen, renovating bathroom, sheetrock on ceilings, appliances, replacing a few windows & fixtures etc. After adding the figures, my rough estimate for repairs for this house is about $10-15,000. With these numbers this will make a solid investment as a flip or rental.
Once fixed up this house will sell for $65,000-75,000. Or rent for $700-800. Making it a sound investment
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This is just one of the many deals we do like this each and every month. Stay tuned for more in depth videos of our real estate adventures!
-Dedric & Krystal Polite
Be Polite Properties
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