Renovation of single-family house 1967: Is the cost framework realistic?

Hello,
I asked this question the day before yesterday in the General section, but unfortunately overlooked that this forum section is actually meant for my question. Because my concern is very important to me, I am posting it here again:
I am considering having the parental home renovated in the Esslingen/Stuttgart district.
The framework conditions: typical single-family house (terraced house: house-garage-house-garage..), year of construction 1967, approx. 130 m2 living space, plot: 200 m2, fully basemented, attic converted, oil heating,
Layout: Ground floor: 1.5 rooms (living-dining room), 1st floor: 3 rooms + bathroom, 2nd floor (attic): 2 rooms + small bathroom.

[*
Condition: so far no repairs/renovation work has been carried out (everything is still from the year of construction 1967!).
[*]I myself live in NRW, for professional reasons I could only travel to Stuttgart occasionally. The house would be rented out after the renovation. Location is very good, infrastructure around it also.
[*]I wonder:
[LIST]
[*]Are the costs below realistic? Currently, a qualified building inspection is unfortunately not possible until further notice, because the house must first be vacated gradually over the next months.
[*]Is it possible to implement such a project with an architect/site management on site over a distance (without huge construction defects, without a financial scope that gets totally out of hand and without risking a heart attack)?
[*]How long would a well-organized renovation approximately take?
[*]Is the renovation worthwhile or better to sell the house? (personal opinion/experience gladly)

I have done some research and compiled the following APPROXIMATE figures. I know that it cannot be judged exactly from the outside. But it is important to me to know whether the financial framework would basically be within a realistic range. (The basis is an Excel sheet, which unfortunately has shifted here a bit and cannot be changed).
The equipment should not be luxurious, but such that it looks good and lasts in the long term. I am planning here without any subsidies (e.g. KFW).

Part A
Energy-related renovation costs
Energy consulting 1,500 €
Thermal insulation roof 40,000 €
Thermal insulation basement ceiling 5,000 €
Thermal insulation exterior wall 30,000 €
Replacement of windows 15,000 €
Replacement heating system 15,000 €
Construction supervision ? possibly see architect
Replacement radiators 7,500 €
Other costs (reserve) 10,000 €

Costs Part A 124,000 €

Part B
Other renovation costs
Renewal sanitary areas 15,000 €
Replacement of water pipes 15,000 €
Electrical wiring antenna 5,000 €
+Plastering 5,000 €
Renewal floor coverings 7,000 €
Renewal interior walls (wallpapers) 6,000 €
Renewal kitchen 5,000 €
Doors (front door) 3,000 €

Architect/construction supervision 20,000 €
Construction site setup 5,000 €
Other costs 10,000 €
Costs Part B 96,000 €

Costs A+B 220,000 €

Part C
Removal: wallpapers, floor coverings

5,000 €
Garden landscaping (small garden area)
3,000 €

Costs C 8,000 €


Costs A+B+C 228,000 €


I look forward to experiences and tips!

Good morning,

I have deleted your other post; once is enough

Rhenish greetings

Have you ever checked what you would get if you sold the house (Immoscout or an expert appraisal)? What kind of rental income are you expecting?

The big problem you have is the distance. Of course, you could hire an architect or civil engineer for construction supervision. But that also costs accordingly. Just enter the estimated amount in an HOAI calculator.

It will all be a numbers game. If you manage to pay for the planned renovation in 10 to 15 years with the rental income, then it could be worthwhile. Otherwise, I would probably sell.

For your nerves, it would probably be better to sell.

We also completely renovated a house. But that was only possible because we contributed a lot of personal work. And with such an old house, many unexpected surprises come to light. And then it would be much better to be on site. Because surprises usually cost money.

Regarding your numbers. They don’t sound unrealistic. But you can only say that in the specific case. These can deviate independently up or down, depending on the building and condition.

Your total sum roughly matches costs I know from two roughly comparable projects. I wouldn’t have major concerns about that.

Whether it’s worth it as an investment is hard to say. Renting from a distance isn’t that easy either, or you have to involve a property management (costs). People who rent a house often want to build one themselves at some point and therefore don’t stay long-term as tenants with you.

Regards
Michael

Hello
thank you for your previous answers!
@ Koempy: the rental income is probably around €10-10.50 per m2/cold (renovated). New houses in the area can be bought from €400,000. It is after all the commuter belt of Stuttgart, so very expensive. The selling price is currently about €180,000. But that is my personal estimate.

@ Miho: I had previously calculated renovation costs of about €150,000. That would not have been a problem. But anything over €200,000 is really too much for me right now. If then a tenant is unreliable, the installments can drive you to ruin...

Unfortunately, real estate prices in my place of residence are similarly expensive. It is not important to me personally to live in a home I own. Ultimately, it is about a safe and sensible way of investing money for retirement provision or the children. And at the moment I still don't see a reasonable way. Hm.

Then after almost 15 years, you have naively calculated an income of about 235,000 euros on 130 sqm. However, taxes and reserves still have to be deducted from this, and you will probably have to take out a loan for the renovation. I have not yet considered any rent increases. So, from my feeling, you have to calculate very precisely here, and not much can go wrong for it to probably be worthwhile. From a gut feeling, I would rather sell and invest the money elsewhere more sensibly, which is less stressful. More likely in your own property.