Jen and Brock want to live downtown, but even with a budget of $750,000 they will need tenants to make that dream come true. Did they accomplish their goal on Income Property?
Scott McGillivray took young couple Jen and Brock on a tour of three homes, of which a century rowhouse became the primary investment on this week’s Income Property. At $673,000, the house (which turned out to be a major fixer-upper) was transformed into a two-floor, three-bedroom loft-style swankpad. Look at this:
The renovation was about $70,000, bringing the total investment to $743,000. The house was appraised for $800,000. Cha-ching! With three-bedrooms and everything gorgeous, Jen and Brock can expect to get at least $2,600 in rent, which means the couple can live in the downstairs portion of the house rent free. Woo!
So what happened after the DVR cut-off? Besides me biffing the screencap (sorry), Jen and Brock are still going through rental applications. I hope they can find some tenants soon.