Welcome back to the next phase of Cove Court, my most recent rehab-a flip project on the water in Discovery Bay CA. This house is a 3 bedroom, 2 bathroom, 1800 square foot home with a large deck in the back leading to a private covered boat dock. The house is on the Delta river and has a 2 car garage, fireplace, breakfast bar, 3 storage sheds, and a master suite.
As I mentioned in the first article about this property, I acquired the house through the local MLS as it was REO (Real Estate Owned by the bank after a foreclosure) The property was listed for 500k as is. I was able to purchase it for 485k, with an ARV of 625-675k.
I met with my contractor and we determined the total rehab costs to be in the 40-45k range. Due to the higher price range of the property, I decided to roll the dice and do a total new rehab, floor to ceiling. The first step in the rehab process is demolition, and boy did we get down and dirty.
This is my first time ever doing a total gut on a house. We ripped it all out. All of it. We are talking kitchen cabinets, countertops, appliances, sink, and island bar.
We ripped out the bathroom showers, flooring, cabinets, countertops, sinks, fixtures, and toilets.
We removed the flooring all throughout the entire house.
We ripped out the railings surrounding the back deck.
We ripped out the plywood on the dock.
We ripped out the showers, cabinets, countertops, sinks, mirrors, and toilets in the bathrooms.
We removed the cabinets in the laundry room.
We ripped out the dry rot around the windows and back dock steps.
We removed full sections of dry wall that were damaged during the foreclosure process.
We removed all the doors in the entire house.
We also removed the hardy-backer attached to the sub floor where the previous tiles had been.
The entire demo took FOUR dumpsters of trash to complete. The good county of Contra Costa charges exorbitant rates to haul these away and I ended up paying about $800 a dumpster. Not cheap. This was an unexpected expense and the first ding to the budget I experienced. Head’s up to those reading this who are considering future major rehab’s. The more work you are going to do, the higher your demo costs are going to be.
Another thing to keep in mind-when factoring in the price of repairs or upgrades you want to do, you have to consider labor plus materials PLUS demo costs. Depending on what kind of project it is, the demo costs could be high or low. Taking out tile is going to be labor intensive and slow. That will be expensive. Taking out a slab of granite countertop is usually a pretty quick process and won’t cost you much in demo fees at all.
So far, the project overall is going well and as you can see I’ve included some pictures of what the place looks like once it’s been ripped to shreds.
Be sure to keep an eye out for the next edition of the Greene Income Newsletter were I will share more details on the demolition, materials chosen for the renovation, prices I paid for the materials, and more!
Have any suggestions, questions, or info to share? Feel free to ask them in the comments section below.