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Income Property: Mike & Vita

Episode Theme: Invested Interests

Mike and Vita are successful professionals, but when it comes to the world of income properties, they’re on brand new turf. They want to purchase a dedicated rental property with long term value. Scott guides this couple on how to find the right house in the right neighbourhood.

Design Theme: Ultra Upcycle

The Numbers

Purchase Price: $699,000

Realtor Appraisal: $800,000

Increased Property Value: $101,000

Chosen Renovation Option: $50,000 cosmetic upgrade (refinish floors, paint ecabinets, new tile, etc.) Expected rent of $2700 per month.

Alternate Renovation Option: $100,000 – Divide the house into two apartments and completely rebuild both. Total rent could be $3500 per month.

Estimated Monthly Income: $3,000

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