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
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