Aug 20 • Flipping Skool
Are you using AI in your flipping business?
Here's what I got when I asked it to run comps of a property I walked today and give me a rehab budget
Rehab scope & budget (Portland pricing)
Assumptions: ~800 sf LVP downstairs + baths; ~890 sf carpet (up + stairs). One full bath gut; two bath refreshes; small patio/yard. Detached condo/TH—confirm HOA before any exterior changes (often HOA handles building exteriors).
Good (Investor-grade, fast-turn): ~ $44.4k
Better (Mid-grade, what I’d list with): ~ $62.6k
Best (Premium within reason): ~ $89.3k
Line items (materials + labor + typical Portland GC markup)
LVP main & baths (~900 sf): Good $4.5/sf ≈ $4.1k | Better $5.75/sf ≈ $5.2k | Best $7.5/sf ≈ $6.8k
Carpet upstairs + stairs (~890 sf + stair labor): Good ~$4.0/sf + $300 ≈ $3.9k | Better ~$5.0/sf + $400 ≈ $4.9k | Best ~$6.0/sf + $500 ≈ $6.8k
Full interior paint (walls/trim/ceilings, light patch): $3.9k – $6.3k (range reflects $2.5–$4.0 per sf of living area)
Deep clean (top-to-bottom, post-reno clean): $650–$850
Exterior pressure wash (siding/walks/fence) if HOA allows/required: $400–$650
New kitchen (demo → cabinets, L1 quartz, splash, sink/faucet, 4-pc stainless appliance pkg):
Good: $14k (stock shaker, value appliances)
Better: $20k (cab upgrades, quartz, nicer pulls/lighting)
Best: $30k (ply boxes/soft-close everywhere, full tile splash, better appliances)
One bathroom full gut (5'×8'): $8k / $12k / $18k (good/better/best)
Two baths—vanity + toilet refresh (no wet-wall move): $2.2k / $3.5k / $5k (for both)
Front/back landscaping (cleanup, edging, mulch/bark, shrub refresh): $1.8k / $3k / $5k
Dump fees/misc small repairs: $800–$1.4k
Contingency (12%) already baked into those totals above.
Spec picks that sell (cheap & sexy):
Floors: 20-mil wear-layer LVP (warm oak tone).
Cabinets: white shaker + matte black pulls; Quartz: arctic/linen white; 3×12 subway splash.
Bath gut: 12×24 light tile, black trim kit, framed glass only if comps show it.
Vanities: 30–36" pre-assembled with stone top; Toilets: comfort-height Kohler/Delta.
Paint: walls SW Alabaster/Agreeable Gray, trim Extra White semi-gloss.
Lights: 3-pack flushmounts + a trendy kitchen pendant pair.
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Buy box math (flip back-of-napkin)
MAO (Max Allowable Offer) = ARV × (0.70–0.75) − Repairs
Using ARV $385k and the Better rehab (~$62.6k):
70% rule → $206.9k
75% rule → $226.1k
Even with optimistic $395k ARV, 75% rule with Better rehab yields ≈$233.6k. With a tight hold (2 months), low HOA, and sharp listing, you might stretch a hair—but I’d aim $225k–$235k tops unless you plan to rent/stabilize first.
(For reference, your subject property shows as a detached condo/townhome in public records; neighboring models have sold $335k–$389k lately.)
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Speed-to-market plan (6 weeks, overlapping trades)
1. Day 0–2: Order cabinets, vanities, appliances, LVP/carpet; dumpster on site.
2. Week 1: Demo kitchen/baths; rough plumbing/electrical for kitchen + full bath.
3. Week 2: Drywall/paint prep; install LVP downstairs; set vanities/toilets in 2 baths.
4. Week 3: Paint interior; install cabinets; measure/template counters.
5. Week 4: Tile bath; electrical trims/lighting; exterior pressure wash & landscaping.
6. Week 5: Counters in; plumbing trims; backsplash; carpet upstairs + stairs.
7. Week 6: Punch, deep clean, stage, list Friday to catch weekend traffic.
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Notes & gotchas
HOA (detached condo): verify what’s HOA-maintained (exterior paint/roof/grounds). Subject property shows a nominal HOA fee on the listing—policies can vary; get CC&Rs before scheduling any exterior work.
Permits: Kitchen/bath swap-outs usually minor; moving plumbing/electrical or adding circuits triggers permits—budget time accordingly.
Appraisal target: finish level to justify top-end ARV. Photos + upgrade list on the kitchen/bath go a long way.
If you want, I’ll turn this into a one-pager bid sheet you can hand to subs (sku choices + quantities + schedule) and a seller-facing “why my number is my number” MAO breakdown.
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