Realtor: Chip and Joanna’s Newest ‘Fixer Upper’ Is a Must-See Vacation Rental

Thursday, July 27, 2017

Chip and Joanna’s Newest ‘Fixer Upper’ Is a Must-See Vacation Rental

Chip and Jo Announce Second Vacation Rental Home

HGTV

“Fixer Upper” stars Chip and Joanna Gaines don’t seem to be satisfied just dominating the ever-growing world of home improvement TV. They aren’t resting on their laurels watching the homes they’ve designed go for huge bucks in their home market of Waco, TX. No, the superstar renovation couple have another frontier to conquer:

The rental market.

After portending a “big announcement” on their social media channels all week, the pair finally announced plans to open their second vacation rental home in Waco this fall. Say hello to Hillcrest Estate!

The design duo opened Magnolia House, their first vacation rental property just 20 minutes outside of Waco, in February 2016; currently it rents for $695 per night. And apparently, the demand has been so high that they decided to expand. Their newest venture—a seven-bedroom, 3.5-bathroom home at 3601 Hillcrest Dr.—will be available to rent starting in September, according to the Magnolia newsletter.

The exact price per night at Hillcrest is as yet unknown, but there are enough beds to sleep a dozen people. So there’s plenty of room for all your “Fixer Upper” fan friends!

“Chip and I had so much fun restoring this old Waco icon,” Gaines wrote on her Instagram post introducing the property. “This house dates back to 1903 and we definitely kept its old world charm—our hope is that friends and families from all over can make lasting memories here during their visit to Waco.”

Hillcrest Estate, the second vacation rental home from Chip and Joanna Gaines

Magnolia

The 5,386-square-foot home was listed in June 2015 for $549,900 but did not attract a buyer. It was relisted in February 2016 for $498,000 and was eventually scooped up by the Gaineses, who then gave it an extensive makeover. (The exact purchase date and price are unknown.)

Other famous ‘Fixer Upper’ rentals

And who can blame Chip and Jo for doubling down on this type of business venture? “Fixer Upper” vacation rentals—places renovated by the couple and being rented out by former clients eager to capitalize on the massive popularity of the show— are multiplying fast.

While Chip and Jo have stated that they prefer the recipients of “Fixer Upper” homes remain happily living in these renovated abodes, more and more folks are seizing the opportunity to turn them into cash cows. Since the show’s premiere in 2013, there have been at least six other homes from the show in Waco that were available for rent on VRBO and Airbnb, including some of the most memorable places from the show.

For example, since their episode aired in Season 3, the owners of the famous Shotgun House had been renting it out for $325 a night through Airbnb. According to the couple’s listing agent, Jennifer Roberts, “The property [stayed] rented at over a 90% occupancy rate.”

Renting it out likely brought in a net profit of around $53,000 a year, according to Gregor Watson, co-founder and chairman of Roofstock.

And show fans will also remember the iconic Barndominium from Season 3. The owner, Kristi Bass (who purchased the home from the people for whom the Gaineses had restored it), had been renting it out on VRBO for $1,200 to $1,500 per night. While this investment property was clearly a profitable enterprise, her neighbors were less than enthusiastic about this disruption to their once-quiet town. The city sued Bass, seeking to bar her from renting out the home, but a recent ruling allowed Bass to rent out the property.

So what will it be like to walk inside this latest venture run by none other than Chip and Jo themselves? Check out the before-and-after photos of the Hillcrest home below.

Entryway before chip and joanna gaines