High stakes? Rodrigo and Ana had them. Not only was this investment property funded by the retirement savings of Ana’s parents, but the couple needed the income to fund opening an orphanage in Rodrigo’s native Ecuador. They needed cash flow and they needed it quickly. Torn between locations, the prime downtown neighbourhood won out in the end.
The house they picked, well, it needed some work. A lot of work. But their choice of option 2 – a furnished executive rental – while a big investment, was the best way to get them closer to their goal. Executive rentals have to scream “high end”, but we found some smart ways to get the luxury look for a fraction of the cost.
Design Theme: High Style
Purchase Price: $505,000
Realtor Appraisal: $650,000
Increased Property Value: $145,000
Chosen Renovation Option: $100,000 – Gut everything and create executive rental with new open concept and high end upgrades. Estimated rental income $3000.
Alternate Renovation Option: $85,000 – Cosmetic upgrade including new kitchen, new flooring, and reconfigured bathroom. Estimated rental income $2650.
Estimated Monthly Rental Income: $3,000