Episode Theme: A Rental Refresh
Dan needs to spruce up his underperforming income property so that when the high season hits he can maximize his profits and grow his rental business.
Design Theme: Collingwood Cool
Purchase Price: $350,000
Realtor Appraisal: $450,000
Increased Property Value: $100,000
Option 1: $60,000 – On the main floor update the mudroom, gut and rebuild the bathroom, and add a sixth bedroom by getting rid of the sauna and stealing some space from another bedroom. Upstairs gets new flooring throughout, the kitchen gets a full upgrade, and the living area gets a new media unit with fireplace. Estimated rent of $1,900/week ($7,600/month).
Option 2: *CHOSEN* $75,000 – Includes most of option one but the sauna remains and a new master suite is created out of the existing garage. Estimated rent of $2,300/week ($9,200/month).
Estimated Weekly Income: $2,500 in the high season ($10,00/month).