In the Repairs tab you can create a comprehensive cost database to quickly and accurately estimate rehab costs for all your rehab projects. Data from this tab will feed the rest of the spreadsheet only if “Detailed Estimate” has been selected as your Repair Estimate Method in the Dashboard. This tab is divided into two main sections:
This section allows you to customize the name of the 24 cost categories as well as the 16 areas available in the spreadsheet. In addition to their names, this section also provides the associated amount in $, as a % of total repair estimate and a % of project’s ARV.
The Estimate By Type table breaks down your repair estimate by type (labor, material and other). In this table, you can also enter your assumption regarding contractor overhead and profit (O&E) which covers a General Contractor’s time and expenses and is calculated as a percentage of the total cost of a job. Finally, you can enter an assumption for contingencies to keep some headroom in your repair estimate (this amount is also calculated based on the total estimate, pre-contractor’s O&P).
At the bottom of this section are also summarized key financial indicators that are directly impacted by your repair estimate. It includes: your total estimate amount in $, as a % of ARV, per square feet, and the result of the 70% rule. The second box displays your estimated profit and its equivalent as a % of ARV. The third box highlights key return indicators such as return on investment (ROI), Annualized ROI and internal rate of return (IRR).
Tips: You can easily navigate through the categories by clicking on the associated number next to each category name from the “Estimate By Category” table under the sign “Go To“.
In this table, available on the top right-end side of the sheet, you can easily customize the units that will be used in the detailed estimate section. Up to 14 units can be entered and customized.
The detailed estimate section is where you will enter the comprehensive list of repair costs to build your custom cost database. Once filled, you will then be able to use it very quickly for all future rehab projects.
For each of the 26 cost categories, you can enter a list of detailed tasks to be performed and their associated costs. Costs can be broken down between labor, materials and other. Based on quantity and unit price, each task’s total cost is then calculated and displayed in the “Grand Total” column.
Each task can easily be allocated to one of the 16 areas defined in the previous section as well as assigned to a specific individual working on the project. Another column is available to indicate the third-party (supplier / contractor) responsible for performing this task and / or supplying the related material. The last column is a custom column that can be used for any particular remarks regarding that task.
The “A” column (which stands for “Activate”) on the right-end side of the tab allows you to quickly activate / deactivate a task in order to exclude it from your estimate. It’s an easier way to temporarily exclude a particular task than having to change quantities and / or unit prices to zero. To activate a task, simply enter “x” in the associated cell (or double click on that cell). Conversely, remove the “x” or double click on it to exclude that task from the estimate. You will notice that the Quantity, Unit and Price columns are automatically greyed out after doing so.
As with the Dashboard, the Repairs tab also includes a Quick Results table located at the top right-end corner of the sheet, which summarizes key figures of your estimate, including costs related to labor, material, other, overhead and profit and contingency as well as the final estimate.