Robert and Stephanie’s lives have been on hold for 2 years while Robert waited for his immigration papers. Without being able to work, they were living on Stephanie’s salary and unable to move forward with their income property dream. Now they’ve got to make up for lost time, and lost income. They’re already behind the eight-ball, so getting it right the first time was a must.
If there’s one thing I’ve learned about income properties, it’s that one of the fastest ways to make great cash flow is investing in a student rental, and it just so happens that Robert and Stephanie’s property was in a perfect location for students. With some creative layout and design features, we built them a basement student rental that blew everything else in the area out of the water and demanded top dollar.
Design Theme: College Chic
Purchase Price: $400,000
Realtor Appraisal: $450,000
Increased Property Value: $50,000
Chosen Renovation Option: $35,000 – Gut kitchen, enlarge window, build media wall to divide living space and refresh bathroom. Estimated rental income $800.
Alternate Renovation Option: $50,000 – Remove wall to enlarge living/dining space, redo entire kitchen, new laminate flooring throughout. Estimated rental income $1000.
Estimated Monthly Rental Income: $1,000