The Repair Costs on Step 3 of the Flip Analyzer is where you enter the estimated cost of renovating the property. You have three options.
Lump Sum
Enter a single value such as $50,000 as a placeholder. Fastest option when you are sizing a deal quickly.
$ per SF
Estimate based on the square footage being rehabbed. If you have past projects to reference, calculate your average cost per square foot and multiply it by the property's square footage. An investor who averages $40 per square foot can produce a usable budget in seconds.
Detailed
Pulls live estimate data directly from the Repair Estimator. Whenever your estimate changes in the Estimator, it updates here and affects the profitability of your analysis.
Detailed estimates take more time and due diligence, but they are the most accurate approach because they require you to inspect the property and quantify and price every repair.
Read the full article: What are the Repair Costs on the Flip Analyzer?