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Income Property: Nuala & Dave

Episode Theme: Family of Four First

With three young kids and another one on the way, Nuala and Dave need to fix up their family cottage in order to make in rental worthy. They’re thinking long term because it won’t be long until they have four kids in university at the same time!

Design Theme: Modern Farmhouse

The Numbers

Purchase Price: $297,000

Realtor Appraisal: $445,000

Increased Property Value: $148,000

Option 1: $50,000 – Gut kitchen and update living room and dining area, including a new wood stove and chimney.  Update bedrooms and remodel bathroom. New floors and furnishings for sunroom. Estimated rent of $1500/week in the high season ($6o00/month).

Option 2 *CHOSEN*: $75,000 – All of option one plus new double pane windows throughout to extend the rental season. Move the water heater in order to expand the size of shower, and paint the exterior of the cottage to up the curb appeal. $75,000. Estimated rent of $1800/week ($7200/month).

Estimated Weekly Income: $2,000 in the high season ($8,000/month).

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