Episode Theme: Carrying Costs
Jason and Peky are an ultra-energetic 21st century couple. They’re married, expecting a child, and are ready to buy their first income property – all at once. As they save money for their growing family, they can’t spare a single penny to start repaying Peky’s monumental student debt. Scott shows them the value in the fixer-upper properties that they can afford, and helps them find the perfect basement apartment to kickstart their lives together.
Design Theme: Retro Revival
Purchase Price: $470,000
Realtor Appraisal: $540,000
Increased Property Value: $70,000
Chosen Renovation Option: $40,000 – 2 bedroom basement apartment with new modern bathroom, new kitchen with breakfast bar, and cosmetic upgrades throughout. Estimated rent of $1000/month.
Alternate Renovation Option: $40,000 – Light renovation downstairs with new bathroom and cosmetic upgrades. Complete bathroom renovations upstairs.Homeowners to move downstairs and rent upper unit. Expected rent of $1400/month.
Estimated Monthly Income: $1,000