Flipping a property can be complicated. PropStream is here to help, which is why we provide as many tools as possible to help real estate professionals make informed decisions. Make the process less complicated with our Rehab Calculator! Included with every subscription, this calculator will help you create an itemized repair estimate for your next rehab.
To learn more about the Rehab Calculator, check out this video:
PropStream’s built in Rehab Calculator can help calculate an itemized repair estimate for your next fix. To access the calculator, pull up the details page for a property. Make sure the property is saved then click the “Rehab Calculator” button.
This will open a browser window that directs to the calculator. From here, you can open any existing projects or start new ones. Click “Estimate New Project Costs” then provide house characteristics to proceed. The basic characteristics - such as bedrooms, bathrooms, square footage, and year built - can be found on the details page in PropStream.
This is the minimum amount of information you should provide before continuing. The more information you provide under “Features” and “Materials” the more accurate the final estimate will be. Once you’ve finished adding information, click “Estimate New Project Costs” again to proceed.
There are three options for searching and adding items to your project…
Complete Remodel by Area is recommended for beginners. This option allows you to select one or more remodel projects, then the application intelligently selects the most appropriate materials, quality, and quantity based on the location and characteristics of your property. Click “Submit” to review the details of your project.
Search by Popular projects is recommended for intermediate users or if you want more control over which line items are calculated. All the suggested action items are included in each project, so just follow the prompts and select the appropriate choices for your situation. Click “Add to Estimate” to calculate the cost of your actions. Follow this process until you’ve added all the correct line items.
Search by Individual Actions is recommended for advanced users or if you can’t find what you’re looking for while searching by popular projects. Again, follow the prompts selecting the most appropriate choices for your project. This option will ask the user to select which action to perform, so instead of replacing a dishwasher, you can select “install a new unit.”
If you’re having trouble finding what you need, try searching by keyword. This allows you to search by category, sub-category, or even the repair description to find the relevant choices for your project.
After adding all the actions to your project, review the line items and even customize the quantity from the “Project Details” tab. Clicking on an action will let you add notes or delete it altogether. Click “Project Summary” to see the estimated repair cost as well as the estimated do it yourself cost. Select “Project Report” to print out this estimate or save it as a PDF.