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Income Property: Jeff & Lee
Jeff and Lee need Scott’s help to build a basement apartment in their new home, so they can continue to purchase rentals to fund their pension-less retirements.
Design Theme: Urban Compact Living
Purchase Price: $690,000
Realtor Appraisal: $800,000
Increased Property Value: $110,000
Chosen Renovation Option: $60,000 – One bedroom, open concept living space with linear kitchen and ensuite laundry. Expected rent of $1100.
Alternate Renovation Option: $70,000 – Compact living space flanked by compact kitchen with new washroom and two bedrooms. Expected rent of $1300 per month.
Estimated Monthly Rental Income: $1,400
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