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Income Property: Barry & Jen

Episode Theme: Foundation for Love

​ Barry and his girlfriend, Jen, need to rent Barry’s cottage to help put his kids through school, so he and Jen can start to save for a home together. ​If Barry doesn’t make extra cash, he’ll continue to put all of his money into tuition payments, and won’t have anything leftover to save for a house with Jen.

Design Theme: Cottage Chic

The Numbers

Purchase Price: $280,000

Realtor Appraisal: $4000,000

Increased Property Value: $120,000

Option 1: $55,000 – Gut and rebuild kitchen; refinish existing hardwood floors; refresh the living and dining areas; gut the bathroom and enlarge shower; a mini makeover for the bedrooms (including new furniture); and baseboard heaters throughout.  Estimated rent of $1600/week ($6400/month).

Option 2 *CHOSEN*: $70,000 –  All of option one plus blow out the kitchen wall to create an open concept space; new living room fireplace; and stand alone screened room on the deck. Estimated rent of $1800/week ($7200/month)

Estimated Weekly Income: $2,000 in the high season ($8000/month).

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