Curious about make-ready costs for your investment property in Indianapolis? One of the most common questions we hear is, “How much to get my investment property ready for a new Tenant?”
Whether you’re prepping a new purchase that needs work or managing turnover between Tenants, make-ready expenses are a significant factor for property owners. These costs can be some of the largest you’ll face, so it’s crucial to plan accordingly.
As an Indianapolis Property Management company managing turnovers and make-ready work for our Clients, we’re constantly asked about these costs. To help, we’ve compiled a guide covering average make-ready costs for common expenses in the Indianapolis market.
This isn’t an exhaustive list—final costs depend on various factors—but it provides a reliable starting point. Our estimates come from trusted contractors with whom we’ve built long-standing relationships.
Lock Changes
We recommend that you have locks changed for every new property that you purchase, and require lock changes between every new Tenant.
You never know who may have a key to your property, so this is a way to mitigate risk.
Estimated Cost: $200 to re-key locks and provide copies of keys.
Trash Out
It’s not uncommon for Tenants to leave belongings behind, or to purchase a property with items that don’t get taken with the sellers.
The amount of trash out can vary greatly, so the cost can, too.
Dumps typically charge by weight and number of trips has an impact as well.
Estimated Cost: Most trash outs range from $350 – $500
Flooring
Flooring costs can obviously vary greatly depending on the size of the home and type of material you use.
It’s important to understand the long term value of these costs as well.
While it may be cheaper up front to install carpet, you have to replace it more frequently which typically ends up costing much more in the long run. .jpg)
- Estimated Cost of Carpet: $4.10 sq/ft. including installation and pad (5-7 year life expectancy).
- Estimated Cost of LVP: $5.60 sq/ft. including floating/leveling the floor (15-20 year life expectancy).
- Estimated Cost of Trim: $2.55 sq/ft.
- Estimated Cost of Refinishing Hardwoods: $4.00- $8.00 sq/ft.
Paint
Paint is another make-ready expense that can vary greatly depending on the size of the home, extent of work, and type of paint used.
Price can increase if surfaces need to be primed, you’re making a drastic color change from dark to light, the walls are stained, etc.
- Estimated Cost: $4.00 sq/ft for interior walls, doors, and trim and minor drywall repairs.
- Estimated Cost: $1.50 sq/ft for ceilings.
Roof
Roof pitch and height can have an impact on pricing as well as material used.
Generally speaking, the cost for a roof for most of the homes we deal with cost between $9,000 and $13,000.
Windows
Window costs vary greatly by size and construction.
$600 per window is a good starting point for standard window sizes.
Appliances
In the Indy market, it’s common for Landlords to provide basic kitchen appliances (stove and refrigerator) in any class of property.
Washers, dryers, microwaves, and dishwashers are typically optional amenities you can decide if you want to provide or not.
The location and class of property will also determine what standard of appliances you will want to furnish.
Obviously, the nicer the location and home, the nicer the appliances you will want to install in order to appeal to the appropriate Renters.
- White or Black Stove: $600
- Stainless Steel Stove: $800
- White or Black Refrigerator: $800 – $1,000
- Stainless Steel Refrigerator: $1,100
- White or Black Dishwasher: $500
- Stainless Steel Dishwasher: $600
- White or Black Microwave: $300
- Stainless Steel Microwave: $400
- Washer and Dryer: $1300 for a set (about $650 each)
Landscaping
Curb appeal is very important for any home and can make or break the first impression.
- Yard clean-up (varies by job): $100 – $300
- Mulching (varies by job): $200 – $400
- Mowing: $50/mow
Cleaning
At T&H, we typically recommend cleaning the home before showings. Cleanliness of properties is perhaps the most common feedback from prospective tenants. It also gives an impression of how the owner, and the PM company, care for their properties.
Think of it this way: You’d offer less for a used car that hadn’t been detailed before being shown. Clean, well maintained properties fetch higher rents and sets the standard for how tenants should treat the home throughout their lease term.
- Estimated cost for whole house cleaning: $350-$500
- Estimated cost for touch up cleaning: $150
Clean & Checks
- HVAC: $100-$200.
- Fireplace: $175
- Basic plumbing/drain inspection: $250
- Gutter cleaning: $100-$120
- Power washing: $300 – $400
- Basic electrical inspection: $200
Vacancy Costs
While not a direct, line item expense, you do need to take vacancy costs into account because they will affect your bottom line.
Not only will you not have any income, you will be covering the mortgage, utilities, and other tasks to keep get the property in move-in ready condition.
- Lost rents
- Utilities
- Mowing/Snow Removal
Hopefully this guide will help give you a better idea of what to expect when it comes to make-ready costs.
While you may never be able to perfectly estimate the cost of a flip or turnover, you can get a pretty good ballpark using these numbers.
If there are any items that you think we may have missed, or would like estimates on, please let us know in the comments!
