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Income Property: Michael & Karen

Michael and Karen were a classic case of location, location, location. They needed to find an urban house with a basement apartment so that they could afford to move into the city and reduce Karen’s 2-hour commute to work – way too long with a new baby. They managed to find the “perfect” house in the perfect neighbourhood, but nothing is ever as it seems. Once the walls came down, it was one problem after another. They needed a lot  of help to make sure they didn’t end up back in the ‘burbs.

Design Theme: Mid Century Multi

The Numbers

Purchase Price: $550,000

Realtor Appraisal: $730,000

Increased Property Value: $180,000

Chosen Renovation Option: $65,000 – A legal one bedroom basement apartment. Estimated rental income $950.

Alternate Renovation Option: $55,000 – A basement bachelor apartment.  Estimated rental income $850.

Estimated Monthly Rental Income: $1,000

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