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Income Property: Justin

Episode Theme: Music to Your Rental Ears

Justin used his life savings to buy his dream home by the lake. But with his unconventional career and unpredictable income he needs rental income to help sustain it.

Design Theme: Modern Cottage

The Numbers

Purchase Price: $510,000

Realtor Appraisal: $600,000

Increased Property Value: $90,000

Option 1*CHOSEN* $50,000 – Gut and reconfigure the kitchen, turn the existing tub room into a dining room, open up the second bedroom for more living space, expand the existing bathroom, new windows and floors throughout, and a new wood stove. Estimated rent of $1,200/week in the high season ($4,800/month).

Option 2: $70,000 – All of option one but keep the second bedroom intact. Exterior makeover – replace siding and add outdoor shower with privacy fence. Estimated rent of $1,450/week in the high season ($5,800/month).

Estimated Weekly Income: $1,500 in the high season ($6,000/month).

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