New Feature: Itemize and Estimate Improvement Costs!

Property Evaluator version 3.4 was released today for the iPhone and iPad. Version 3.4 adds the ability to itemize and estimate improvement costs, and enter improvements in future years. This has been one of the most-requested features since the 3.0 release. This feature took quite a while to implement, but I’m really happy with how it turned out.

So now you can enter the improvement costs in 3 different ways:

1.) As a fixed dollar amount. This is useful when you just have a few improvements and you know the total improvement cost off the top of your head.

2.) As a single cost per square foot value. Experienced investors who flip properties often estimate improvement costs with a fixed improvement cost per square foot. For example, a basic cleanup and make-ready job might be $5 per square foot, while a complete remodel might be $25 per square foot.

3.) As itemized expenses. If the property needs extensive repairs and improvements, you can itemize the expenses, and the total improvement cost will be calculated automatically. Each itemized improvement cost can be entered as a fixed amount, or it can be estimated using the built-in cost estimator.

The cost estimator allows you to create your own custom improvement categories and assign a unit name and cost per unit to each one. For example, you might estimate carpet at $3 per square foot, and a new roof at $2 per square foot.

Improvement costs can also be entered in future years.

So let’s say I’m a flipper walking through a property. I see that the carpet in the 12-foot square living room needs to be replaced, so I add an itemized improvement called “Carpet in Living Room”, enter 144 for the quantity, and tap on the Carpet category. Then I see that the roof might need to be replaced in 5 years, so I add an itemized improvement in Year 5, choose the “Replace Roof” category, and enter the property square footage.

Now the itemized improvement costs are automatically calculated and presented in a simple table. This is really helpful when you need to present a financial projection to a lender or an investment partner.

If you find this feature useful, please send me your feedback or write a review on iTunes. More exciting news is on the way, so keep an eye on this blog for updates.