Mid-tier full rehab on a typical Chicago pre-1940 2-flat (~2,200 sqft, two 2-bed/1-bath units) runs roughly $60,000 to $78,000 excluding contingency. Add 12–15% contingency on vintage stock because of what's hidden in the walls.
The 12-category template
1. Kitchens (×2)
$18,000–$24,000 total. Mid-tier: cabinets ($4,500–$6,000 per kitchen), quartz or budget granite ($1,500), appliances ($1,500), backsplash + plumbing fixtures ($800), demo + install ($1,800).
2. Bathrooms (×2)
$9,000–$13,000 total. Mid-tier: tile tub surround, vanity ($600–$900), toilet ($300), tile floor, plumbing fixtures, mirror, exhaust fan. Tub re-glaze if structure is good, replace if not.
3. Refinish hardwoods + interior paint
$7,000–$10,000. Sand + stain + 3 coats poly across both units' living areas. Two-coat paint on walls + ceilings + trim. Vintage trim repairs as needed.
4. Electrical updates
$5,000–$9,000. Service upgrade to 200A if needed, GFCIs in wet areas, new outlets, can lights in living/bedroom, ceiling fans, dedicated kitchen circuits, smoke/CO detectors.
5. Plumbing
$5,000–$9,000. Replace galvanized supply lines with PEX or copper, repair drain leaks, swap angle stops, new shutoffs, possible water heater connections.
6. HVAC + water heater
$4,500–$8,000. Furnace service or replacement, new water heaters (2 units), thermostat, ductwork as needed.
7. Windows
$3,500–$9,000. Selectively replace blown thermal panes; full window package if budget allows. Often deferred to second rehab cycle.
8. Roof + exterior
$0–$15,000. If the roof has 5+ years of life and no leaks: $0. Tear-off + new roof: $9,000–$15,000 for a 2-flat. Exterior paint or tuckpointing as needed.
9. Flooring (non-hardwood areas)
$2,500–$4,500. Vinyl plank in kitchens/baths if hardwoods don't extend. Tile in bathrooms.
10. Doors + trim
$1,500–$3,000. Refinish original doors if salvageable, replace damaged. New trim repair, new door hardware.
11. Permits + city fees
$1,200–$2,500. Chicago BACP permits, electrical permit, plumbing permit, mechanical permit. Don't skip — unpermitted work tanks your appraisal.
12. Miscellaneous + cleanup
$1,000–$2,500. Dumpster, debris haul, deep clean before staging/listing, lockbox, signage.
Contingency: why 12–15% (not 8%)
Pre-1940 Chicago stock hides surprises: knob-and-tube electrical above ceilings, galvanized supply lines that crumble when you touch them, foundation cracks behind drywall, basement waterproofing failures, lead paint, asbestos in vinyl tile mastic. Even on a well-scoped rehab, 10–15% contingency is the norm — go higher than 8%.
Use the template in the app
Prop-Folio's Renovation tab is built around exactly this 12-category structure. You set scope tier (basic/mid/premium) per category, and the total cascades into your BRRRR or Fix & Flip profit model live. Use this budget as your starting point and adjust per property.
Build your rehab budget in the app →
Related: Why most rehab budgets underestimate by 30% · Bronzeville BRRRR walkthrough · Free Chicago BRRRR calculator