Rental rehab budget
Estimate repair costs, add a contingency and track spending against your budget.
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Example data. Edit it or start a blank worksheet.
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Example rental refresh
Estimated and recorded project costs
| Item | Category | Quantity | Unit estimate | Line estimate | Actual paid | Variance |
|---|---|---|---|---|---|---|
| Paint rooms | Interior | 5 | $350.00 | $1,750.00 | $1,650.00 | -$100.00 |
| LVP flooring (sq ft) | Flooring | 800 | $4.50 | $3,600.00 | Not entered | Not entered |
| Appliance package | Kitchen | 1 | $2,400.00 | $2,400.00 | Not entered | Not entered |
| Cleanup and hauling | Exterior | 1 | $500.00 | $500.00 | $600.00 | $100.00 |
LVP flooring (sq ft): Installed price
Using the worksheet
What should a rental rehab budget include?
Enter the full cost of making the property rent-ready: materials, labor, demolition, hauling, permits and applicable taxes. Add separate rows for costs that do not fit a unit price. Holding costs and lost rent matter too; include them where appropriate, then avoid counting them again in another budget.
How does contingency work?
Contingency is a percentage of the base estimate. It adds room for unknown work and price changes; it is not added to each actual payment. Choose a percentage based on the condition of the property and the certainty of the scope and bids.
Why leave actual spending blank?
Leave actual spending blank until you record a payment. Entering zero marks the item as recorded. The over/under estimate compares only items with recorded spending, so unfinished work does not appear as savings.
Does remaining budget tell me what it will cost to finish?
No. Remaining budget is the total budget minus recorded spending. It may be more or less than the cost of unfinished work. The estimate without actuals helps identify work to review, but partial payments, changes and outstanding invoices still need your attention.
How does the budget carry into the analyzer?
The analyzer link uses the full budget, including contingency, as initial repairs and renovations. Other inputs start from the analyzer’s example. Review the price, rent, financing and operating costs before using its cash flow or return figures.
The Rental Wire · therentalwire.com/rental_rehab_budget.html
Prepared from your entries. Reconcile with your records.