Renovation Cost Calculator for Investment Properties
Estimate renovation costs for an investment property, from a rental turnover to a fix-and-flip rehab. Choose the work, adjust quantities and finishes, and build an item-by-item budget with room for surprises.
- Free, no sign-up
- Labor and materials
- Item-by-item breakdown
Sets the default for all items. Custom item sliders keep their own settings until you choose “Match project level.”
Pick a project type above, or check the items you need below.
Ranges include labor and materials. Choose rental-grade or resale-grade work for the same kitchen or bathroom; selecting both adds both costs. Avoid counting the same work twice.
A rough adjustment. Local bids are the real test.
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How to estimate investment property renovation costs
- Choose a starting point. A preset fills in a sample scope. Check each item against your property and change the quantities.
- Set the cost level. Move the project slider for basic or upgraded work, then fine-tune individual items. Choose the local cost area that best fits your project.
- Add contingency. Compare 10%, 15%, and 20% buffers to see the effect on your budget. The right reserve depends on what you know about the property.
- Compare with bids. Use the breakdown to discuss scope with contractors. Add excluded costs before using the budget in an investment decision.
How the estimate is calculated
Each item starts with its low cost plus the chosen percentage of the difference between its low and high costs. That amount is multiplied by quantity and the local cost factor. The calculator adds all items, then applies contingency once to the subtotal.
Estimated total = sum of adjusted line-item costs × (1 + contingency percentage)
The full range uses the low and high costs for your selected scope, with the same local factor and contingency. Displayed amounts are rounded to planning numbers, so individual rows may not add up exactly to the displayed total.
Example: a light rental turnover
Using the Midwest base, the middle of each range, and a 10% contingency:
| Work | Estimated cost |
|---|---|
| Interior paint (4 rooms) | $750 |
| Drywall and plaster repair | $1,400 |
| Light fixtures (2 fixtures) | $225 |
| Smoke and carbon monoxide detectors (4 detectors) | $170 |
| Replace exterior locks (4 locks) | $300 |
| Subtotal | $2,845 |
| Contingency (10%) | $285 |
| Estimated total | $3,130 |
Example amounts are rounded to the nearest dollar; the calculator rounds the total to a clean planning number.
Frequently asked questions
- Is this renovation calculator designed for investment properties?
- Yes. This rehab cost estimator focuses on single-family investment properties: rental turnovers, rent-ready rehabs, and renovations for resale. Use the itemized budget to plan the work, then enter the renovation total in the Fix and Flip Calculator to evaluate the wider deal, including financing, holding, and selling costs.
- What does the renovation estimate include?
- The selected line items use planning ranges for labor and materials. Your total includes the contingency percentage you choose. Permits, inspection fees, design, financing, and holding costs are excluded. Appliances, structural work, and other unlisted work need a separate budget.
- Which location are these costs based on?
- The base ranges are intended for single-family investment houses in Detroit and similar Midwest markets. The local-cost selector applies a rough multiplier to all items. These are editable planning assumptions rather than a live database of contractor prices; get local bids before committing to a project.
- How does the finish slider work?
- The project slider selects a point between each item’s low and high cost. At the middle, it uses the midpoint. An item’s own slider overrides the project setting until you choose “Match project level.” Conditions and labor complexity can move costs as well as materials.
- Can I use this for a rental turnover or a house flip?
- Yes. Start with light turnover, rent-ready rehab, full rehab, or renovation for resale, then adjust the actual scope and quantities. Presets are starting points for a sample house; they do not inspect your property or account for every repair.
- Can I put the calculator on my own website?
- Yes. Use the free embed builder to copy the calculator’s iframe and resize script. Visitors can calculate on your website without an Income Checker account.