Nicole and Michelle’s story was multi-layered: part of the need to find and renovate an income property was financial – Michelle’s student debt needed paying off. The other part of the story was more emotional – the sisters wanted to make a joint investment to not just secure their financial future, but also honour their late mother.
I actually go way back with Nicole and Michelle – all the way back to high school! When I heard that they were looking for an income property, I couldn’t resist jumping in to help them find the perfect place to help them fulfill their goals.
They chose a great downtown property, but they knew it needed work. What they didn’t know is that they house already had tenants, and lots of them: mice.
Design Theme: British Contemporary
Purchase Price: $506,000
Realtor Appraisal: $600,000
Increased Property Value: $94,000
Chosen Renovation Option: $65,000 – Open concept main floor with new powder room and expanded upstairs bathroom. Estimated rental income $2400.
Alternate Renovation Option: $40,000 – Main floor refresh with new kitchen and eating area. Estimated rental income $2200.
Estimated Monthly Rental Income: $2,400