Remodel & Renovate in 97218>Question Details

Bigboy, Other/Just Looking in 97218

I'm looking at a duplex foreclosure and wonder how much it is to remodel it. Focus would be on inside, new floors, kitchens, bathrooms. outside

Asked by Bigboy, 97218 Sat Jul 23, 2011

paint. two units, 3 BR and 1 bath, 2 BR and 1 bath.

all the floors, bathrooms and kitchens need to be remodeled. nothing there to work with. floors should be hardwood floors, 3k sqf is the total footage.

furnace most likely to be replaced. forced air should be build in as it runs on electrical heating right now.

some cosmetic outside work is definitely needed. roof looks ok.

what should a budget approximately look like? Am I looking at 20k, 50k or 100k?

objective is not to make it a designer/contemporary house, it is not in such an area.

thanks.

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I would plan on $50k minimum for a basic no frills remodel. Kitchens will cost $10k each on the low end for counters, cabinets and basic appliances. Baths $5k to $10k each - this is assuming you don't run into any major structural issues such as dry rot or pest damage. Hdwd floors for 3000sf - I'm going to guess $6k - $8k. Furnace plus duct work $5k each.
These numbers are guestimates based on previous remodels. The best way to get a true determination of cost would be to check out Ikea or Home Depot/Lowes and price it out. Again - it's hard to know what unknown issues will arise. Depending on the condition maybe you could do a little at a time?
0 votes Thank Flag Link Sat Jul 23, 2011
Dear Bigboy,

Not sure why a licensed real estate agent would even want to answer questions about costs of a furnance, new floors, bathroom updates, etc.?!? Real estate agents aren't licensed contractors, and it's really outside their field if they're quoting prices. Shame, shame on them. Some of these answers are good, but how can anyone -- let alone an unlicensed contractor -- state a budget?? And sight unseen??? Any good price quote will have to be obtained AFTER review of the property.

The best bet is to get someone who is a licensed, bonded and insured contractor toss out some bids. If you need a few references let me know. I have some good connections established over the years. If an agent is quoting prices on a furnance . . . OY VEY!!

Regards,

Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland, LLC
Exclusive Buyer Agent since 1999
Web Reference: http://actvra.in/cjm
1 vote Thank Flag Link Sun Jul 24, 2011
I would recommend getting a couple of licensed and bonded contractors to the home, prior to purchasing it, to get multiple bids. That way you will know exactly what you're in for (or at least a range). Also, remember that many forclosures are sold "as is" meaning they will not fix any issues you find during the home inspection, so you may need to add additional money to the budget if you find underlying issues with the home. Some banks are now paying for repairs, but many are not, it just depends on which bank owns the property.

Hope this helps!

Best of luck,
Elizabeth Davidson
Hasson Company Realtors
0 votes Thank Flag Link Thu Aug 11, 2011
Shame to answer questions about bids? I don't think so. As a Realtor we see (if we do any amount of business) bids every day! Of course you should talk to a licensed and bonded contractor, but some of the estimates below are pretty good. 3000 square feet is a HUGE place to do a full remodel. I would expect 50K for cheap materials and much more as you move up.
0 votes Thank Flag Link Mon Aug 8, 2011
It depends on what kind of finish work you're going for also what you're paying for the property. As an investor it doesn't make sense to pour money into a property unless you are getting a return on your investment. It's hard to say without knowing the numbers. For starters I would get together as many bids as possible and calculate your return (rents), after repair cost. Below is a link to a remodel I recently coordinated. If you have any questions or need contractor contacts feel free to contact me.

http://s299.photobucket.com/albums/mm300/dahliast/SE%2070TH%…
0 votes Thank Flag Link Sat Jul 23, 2011
First you need to make sure that the area you are doing it in would make sense -you remodel a place into a more expensive home or unit in the area and you dont have a chance at getting your money back. Is there a way to buy it as a duplex, do the just needed repairs - maybe paint, cleanup and allow it to be rented a while and just do a few things as needed? That way you could be making money while doing a few simple repairs or cosmetic items instead of taking it all on at once. Does a designer/contemporary home actually fit in that area? Make sure you know before dumping money into it!
0 votes Thank Flag Link Sat Jul 23, 2011
This sounds like a pretty extensive remodel. I am just completing a similar project that was a bank owned duplex purchased earlier this year that needed everything done. It was approximately 3,000 sq. ft. The budget was $80-100k. By being very thrifty, having a good team reliable team of contractors and doing some of the work the budget was maintained. Your budget will depend on your skill level, taste level, and ability to manage the project effectively. Hopefully an accurate budget will enable you to determine if this duplex is a sound investment. Feel free to contact me for advice. Good luck with your decision.
Scott
0 votes Thank Flag Link Sat Jul 23, 2011
Are you looking to flip it or get renters in it. I own my duplex that I have done work in. Give me a call we could chat.
0 votes Thank Flag Link Sat Jul 23, 2011
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