Episode Theme: Making a Dent in Debt
Paddy needs to get his waterfront property on the rental market immediately to help get him out of the debt he incurred due to a bad business deal. If he doesn’t start to make rental income soon he’ll lose the family property.
Design Theme: Old School Cottage
Purchase Price: $110,000
Realtor Appraisal: $400,000
Increased Property Value: $290,000
Option 1: *CHOSEN* $65,000 -All new floors throughout, upgrade the kitchen and dining areas, give the fireplace a refresh, upgrade the ceilings and the wall of windows. Upstairs will get new floors and furnishings and a new laundry area. Plus new railings on the deck. Estimated rent of $1,900/week ($7,600/month).
Option 2: $80,000 -All of option one plus gut and rebuild the kitchen, take down the dividing wall to open things up, and finish the loft area to create extra sleeping space. Estimated rent of $2,100/week ($8,400/month).
Estimated Weekly Income: $2,500 in the high season ($10,000/month).