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Income Property: Cheryl & Amreed

Conflicting work schedules and homes on opposites sides of the city had kept Cheryl & Amreed from spending quality time together. Their solution? Buy a house together. But they couldn’t afford to do that without finding a house with an income suite. With big plans that included weddings (yes, two!), kids, and more properties, they needed my help to kick it into high gear.

Amreed had a lot of questions, and aspirations to be a serious real estate investor, so finding the perfect first property to jump start his and Cheryl’s investment future was important to get off on the right foot. But nothing comes without a surprise of two. An electrical setback and a very wet wall could have put the reno in jeopardy, but with some perseverance and a a little “superhero” strength, we built them the perfect starter apartment.

Design Theme: Hello Sunshine

The Numbers

Purchase Price: $490,000

Realtor Appraisal: $570,000

Increased Property Value: $80,000

Chosen Renovation Option: $60,000 – New 2-bedroom layout with open concept kitchen and living area. Estimated rental income $1200.

Alternate Renovation Option: $40,000 – Cosmetic upgrade including new floors and an expanded bathroom. Estimated rental income $900.

Estimated Monthly Rental Income: $1,350

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