Sarah and Jim had five daughters – is it any wonder why they needed an income property? With five college tuitions looming, they were anxious to bite the bullet and make sure their first investment was a smart one. Finding a house to accommodate the family was the first challenge. Fixing the water and foundation issues was the second. What wasn’t a challenge was finding great tenants to pay top dollar for an awesome basement suite.
Design Theme: Suburban Chic
Purchase Price: $250,000
Realtor Appraisal: $320,000
Increased Property Value: $70,000
Chosen Renovation Option: $45,000 – Split level lower floor and basement with 2 bedrooms.
Alternate Renovation Option: $60,000 – Split level lower floor and basement with 3 bedrooms.
Estimated Monthly Rental Income: $1,200