How do you estimate rehab costs before you purchase a foreclosure home when you cannot inspect it?

We have found through the 100s of homes that we have acquired that you can generally estimate rehab cost per square foot based on the age of the home and the market. For example, homes built in the 1920s in the Memphis market may cost $50 to $60 per foot for a full gut renovation, while a home built in the 2000s will cost around $10 per foot. This is not always true on a home by home basis, but with the volume we are dealing with, averages is what matters.

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