ABSTRACT
Harry Phillips owns an assortment of small properties acquired over a period of years. One of these is a duplex (two units, one on top of the other) that he bought almost twenty years ago on the fringes of a prestigious neighbourhood in a North American city. Containing large twobedroom units, it has been easy to find tenants, and has commanded good rents. Over the years, Mr Phillips has replaced the kitchens and bathrooms and kept the building in reasonably good order. The building also has a development opportunity: it contains a basement, now used for storage, which could be reconstructed to provide an extra rental unit with one or two bedrooms.
