1st Investment Deal, Need Remodel Estimate Form

I am reposting from the Rehab forum. I received two really good ideas but was hoping to get more input. I may have posted to the wrong forum that is why I am reposting here. I appreciate any help you all call provide.

Hello everyone,
I am close to closing on my first ever investment transaction. I have been researching REI for about 3 months and I am like a fish out of water. I found a deal that is a fixer upper and will need new kitchen, 2 baths, flooring, landscaping, paint (interior/exterior), and some roof repair. AC is in good working condition and the plumbing seems to be in okay shape, in my unprofessional opinion. I have no exprience with making estimates for project like this and would appreciate any help from everyone willing to offer advice. If anyone has a form they use or a formula for estimating a remodel that would also be very helpful to me. The deal is a SFR is Maricopa County. I hope to get it for 152k and put no more than 40k into the remodel and sell it for 235k. This is just below average market value currently for this type of home in the neighborhood the home is located. Please help all your wisdom is appreciated.

I recently completed a rehab on a 2,000 sq. ft. house with a new kitchen, 2 baths, paint in and out, landscaping, carpet, etc.... sounds just like yours. Cost me $38K. I don't know costs in your market, though.

I'd suggest getting quotes from remodeling contractors in your town for accurate figures. [addsig]

I understand where you're coming from. I found a very good program on how to figure out all the rehab costs on a remodel job which is great BEFORE you buy the property so you know your costs before you even put in an offer. You can get this info at www.FixingandFlipping.com if you still haven't found anything better, which is unlikely as of this writing. I have found it an invaluable tool in my stomping grounds. Good luck!

Thank you both for your posts. I did not win the bid for the home after I posted my first message. I have since been called by the Attorney's office offering me another chance to purchase the home, the winner of the bid backed out. I have yet to find out the nature of the cancellation but I am interested in any thoughts about why something like this would happen. I have contacted the attorney to get further information and to express my continuing interest in the property although with concerns. Thanks again for the advice and direction for tools to estimate rehap costs. Feel free to respond with any thoughts or ideas about moving forward on this deal.

In a rebid situation like yours, specially with the market dropping as it is, I would take it as an opportunity to lower my bid 10% or so from my previous numbers.

Someone on this site reminded me that "If your not ashamed of your bid, you bid too much." I used that philosophy to buy a house last night, using a jon boat and $100.00 to the seller to buy a 'subject to' house.

Just keep pointing out all the work required to bring the house up to neighborhood standards. Psych yourself into a gloom and doom market frame of mind...until you buy it at your reduced price. Then you can celebrate! [addsig]

Thank you Bargain76,
I value yuor insight with dealing with this situation. I was wondering how much to reduce my offer. Using your rule of thumb gives me a better feel for what to do. You are right about feeling good about my offer. I will challenge myself on this rebid. I will keep you posted on how things turn out. Thank you again.