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Income Property: Carla & Nick

Episode Theme: Keeping It In the Family

Carla and her son Nick have decided to turn their vacation home into a part-time rental property. That way Carla and her husband can live out their travel dreams while still hanging on to their memory-filled beach home for their children and grandkids.

Design Theme: Beach House Chic

The Numbers

Purchase Price: $560,000

Realtor Appraisal: $650,000

Increased Property Value: $90,000

Option 1*CHOSEN* $65,000 -Start by decluttering and depersonalizing the space, then refinish the existing floors, install heated tiles in the kitchen, give the living room and dining room a refresh, update the fireplace, give the bathroom a facelift and update main entrance so it can also function as an extra bedroom. Estimated rent of $1500/week ($6,000/month).

Option 2: $85,000 -All of option one plus add an exterior bunkie with an entertainment center and fridge to accommodate an additional two people. Estimated rent of $1,800/week ($7,200/month).

Estimated Weekly Income: $2,500 in the high season ($10,000/month).

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