Free Rehab Cost Estimator — itemized by the 35 HUD 203(k) categories, exported to Excel
| Category | Description | Cost mode | Cost | Estimated | Actual | Permit · MPS · Struct. · Elective | Draw | |
|---|---|---|---|---|---|---|---|---|
| $0.00 |
Lump sum is for items where a lump-sum estimate is reasonable and customary; otherwise HUD asks for labor and materials per work item. Ticking Structural or Borrower-elective is your call — see the HUD handbook.
Masonry $0.00
Standard, building under 30 years old: the reserve is discretionary, up to 20%. Age threshold: 30 years. source
- OK · Limited 203(k) cap: $0.00 (line items + permits + contingency) vs $75,000.00 source
- Over the limit · Standard 203(k) minimum: $0.00 of line items vs $5,000.00 (your lender confirms which items are eligible) source
- — · Rehabilitation period: enter the months (max 12 for Standard) source
- OK · Contingency: 0% = $0.00 (allowed 0–20%) source
- OK · Draws: 1 of 5 at most source
- 203(k) Consultant Work Write-Up fee on $0.00 of repairs: $1,000.00 source
| Draw | Lines | Amount | Holdback 10% | Released | Cumulative |
|---|---|---|---|---|---|
| 1 | 1 | $0.00 | $0.00 | $0.00 | $0.00 |
A 10% holdback is applied to each draw. Standard 203(k): at most 5 draws (4 interim draws and 1 final draw). source
Maximum offer = ARV × 0.70 − repair costs. A screening rule, not a profit guarantee.
Holding costs entered as four monthly line items — taxes, insurance, utilities, and HOA — for up to 24 months; Conservative / Expected / Aggressive scenarios side by side; and eleven calculated outputs, from loan interest and total project cost to net profit, ROI, annualized ROI and the break-even sale price.
See the House Flip AnalyzerNothing leaves your browser. No prices are supplied: every cost is yours. Your draft and cost book are kept in this browser only.
Why this estimator doesn't come with “average” costs
There is no free primary source for US unit rehab costs that can be checked line by line. The national cost books are paid products, and the averages most free calculators use are a vendor's own figures for one market. A number that cannot be traced is a guess with a decimal point, so this tool ships none: you enter your contractor's quote or your own unit costs, and the tool does the structure and the arithmetic.
We looked at the free options first. BiggerPockets' rehab estimator asks you to start a Pro trial to see your results. RFP Homes' renovation estimator is free and needs no account, but it prices ten fixed scopes from planning averages for the Dallas–Fort Worth market and exports nothing. Neither itemizes a budget the way a 203(k) lender reads it.
What you can keep is your own data: the cost book saves the unit costs you enter in this browser, with CSV import and export, and a regional factor that defaults to 1.00 — your own factor, applied to every line.
The 35 categories HUD uses for a 203(k) work write-up
HUD Handbook 4000.1 organizes the 203(k) Work Write-Up around 35 categories: Masonry, Siding, Gutters and Downspouts, Roof, Shutters, Exteriors, Walks, Driveways, Painting (Exterior), Caulking, Fencing, Grading, Windows, Weather-stripping, Doors (Exterior), Doors (Interior), Partitions, Plaster/Drywall, Decorating, Wood Trim, Stairs, Closets, Wood Floors, Finish Floors, Ceramic Tile, Bath Accessories, Plumbing, Electrical, Heating, Insulation, Cabinetry, Appliances, Basements, Cleanup, Miscellaneous.
The handbook asks that the cost estimate separately identify labor costs and itemize the cost of materials for each work item, and allows a lump sum only where a lump-sum estimate is reasonable and customary. Each item also says whether it needs a permit and whether it relates to the minimum property standards or requirements, a structural change, or a choice of the borrower. Every line in this tool carries those same fields.
Source: https://www.hud.gov/sites/dfiles/OCHCO/documents/4000.1hsgh.pdf
FHA 203(k) checks built in, with sources
The checks below run live as you type. Each one shows the rule and links to the HUD document it comes from. Where Mortgagee Letter 2024-13 changes the handbook, the letter prevails. The tool does not decide whether an item is eligible or structural: you tick it, and your lender confirms.
| Check | Rule | Source |
|---|---|---|
| Limited 203(k) cap | Limited 203(k): total rehabilitation costs may not exceed $75,000 (FHA case numbers assigned on or after November 4, 2024). | ML 2024-13 |
| Standard 203(k) minimum | Standard 203(k): a minimum of $5,000 in eligible improvements. | Handbook 4000.1 |
| Rehab period — Standard | Standard 203(k): rehabilitation period of 12 months at most. | ML 2024-13 |
| Rehab period — Limited | Limited 203(k): rehabilitation period of 9 months at most. | ML 2024-13 |
| Contingency — maximum | The contingency reserve may not exceed 20%. | Handbook 4000.1 |
| Contingency — Standard, under 30 years, termites | Standard, building under 30 years old with termite damage: a 10–20% reserve is required. | Handbook 4000.1 |
| Contingency — Standard, under 30 years | Standard, building under 30 years old: the reserve is discretionary, up to 20%. | Handbook 4000.1 |
| Contingency — Standard, 30 years or more | Standard, building 30 years old or more: a 10–20% reserve is required. | Handbook 4000.1 |
| Contingency — Standard, 30 years or more, utilities off | Standard, building 30 years old or more with utilities not working: a 15–20% reserve is required. | Handbook 4000.1 |
| Contingency — Limited | Limited 203(k): a reserve is not required; up to 20%. | Handbook 4000.1 |
| Consultant Work Write-Up fee | Work Write-Up fee: up to $1,000 for repairs up to $50,000; $1,200 from $50,001 to $85,000; $1,400 from $85,001 to $140,000; above that, the lesser of 1% or $2,000. Plus $25 per additional unit; feasibility study $375. | ML 2024-13 |
| Draw holdback | A 10% holdback is applied to each draw. | Handbook 4000.1 |
| Number of draws | Standard 203(k): at most 5 draws (4 interim draws and 1 final draw). | Handbook 4000.1 |
From rehab estimate to maximum offer
The 70% rule is: maximum offer = ARV × 0.70, minus estimated repair costs. It is a fast filter flippers and hard-money lenders use to rule a deal in or out before doing any detailed math. It does not account for your financing costs, holding period or selling costs, so two deals that pass the same test can have very different profit.
Enter the after-repair value and the tool subtracts your line items and permit fees, with or without the contingency reserve — a switch, so you can see both. The ARV is yours to enter: nothing here looks up comparable sales.
Export to Excel and continue in the House Flip Analyzer
The Excel file has three sheets. Rehab Budget uses the exact columns of the House Flip Analyzer — Category, Description, Estimated ($), Actual ($), Variance ($) — with variance and totals as formulas; each HUD category is mapped to one of the analyzer's 16 categories, and a Permits line and a Contingency line are added. Copy the rows into the analyzer's Rehab Budget sheet and its deal math picks them up.
The mapping is our convention, not a HUD rule, and the sheet says so. Grading stays under Exterior; Cleanup goes to Demo; Insulation and Miscellaneous go to Other.
The 203(k) Work Write-Up sheet lists every category with labor, materials, lump sum, permit and MPS columns and a subtotal formula per category. The Draw Schedule sheet totals each draw from the write-up and computes the holdback and the cumulative amount as formulas. A CSV of the Rehab Budget and a print-to-PDF view are also available.
Who this is for
House flippers who want an itemized budget before an offer, buyers preparing a 203(k) purchase who want to see where their numbers stand against the program limits, and 203(k) consultants or contractors who want a structured first draft. It is a planning tool, not financial or lending advice: the lender and the consultant have the final word.
Take the estimate into the House Flip Analyzer
This estimator stops at the rehab budget and the maximum offer. The House Flip Analyzer runs the deal: holding costs month by month in four line items, loan interest and points, selling costs, net profit, ROI and annualized ROI, with Conservative / Expected / Aggressive scenarios — in Excel and Google Sheets, no macros.
Frequently asked questions
Are construction prices included?
No. There is no free primary source for US unit rehab costs that can be checked, so the tool ships none. Enter your contractor's quote or your own unit costs; the cost book remembers them in your browser, and your own factor adjusts them for your market.
What is the difference between a Limited and a Standard 203(k)?
Under Mortgagee Letter 2024-13, Limited 203(k) total rehabilitation costs may not exceed $75,000, with a rehabilitation period of 9 months at most; the Standard 203(k) period is 12 months at most. HUD Handbook 4000.1 sets a Standard minimum of $5,000 in eligible improvements. The tool checks your estimate against both.
How much contingency should I add?
It depends on the program and the building. For a Standard 203(k), a building under 30 years old has a discretionary reserve of up to 20%, or a required 10–20% with termite damage; a building 30 years old or more requires 10–20%, or 15–20% if the utilities are not working. For a Limited 203(k) it is not required, up to 20%. The tool offers those presets.
How many draws can a 203(k) have?
A Standard 203(k) allows at most 5 draws — 4 interim and 1 final — and a 10% holdback is applied to each draw. Assign each line to a draw and the tool shows the amount, holdback and cumulative total per draw.
What is the 70% rule?
Maximum offer = ARV × 0.70, minus estimated repair costs. It's a quick screening formula, not a guarantee of profit. The tool lets you include the contingency reserve in repairs or leave it out.
Does the Excel file work in Google Sheets?
Yes. It uses standard spreadsheet formulas — SUM, SUMIF, COUNTIF and simple arithmetic — with no macros, so it opens and calculates the same way in Excel and Google Sheets, like the House Flip Analyzer itself.
What does the paid House Flip Analyzer add?
This free tool builds the rehab budget and the maximum offer. The House Flip Analyzer adds holding costs in four monthly line items for up to 24 months, Conservative / Expected / Aggressive scenarios side by side, and eleven calculated outputs including net profit, ROI, annualized ROI and the break-even sale price.