This has to be one of the best opportunities to come to the market for some time.
The potential here is enormous and astute investors can reap the rewards. After all, where else can you get so much property for so little?
Interested? The read on….
1. UPSTAIRS – This is a large apartment with an oversized kitchen and extra large dining/living area. There is also a room that could be used as a family or TV area, plus a separate office/retreat that could be converted to a third bedroom if required. There are two bedrooms with built ins, a good sized bathroom and a separate toilet. Front and rear patios, a sunny, paved outdoor area plus adjacent parking for several cars complete the picture. Give it a clean up, some love and a bit of work here and there and the Rental potential is $320 to $330 p.wk. But wait, there’s more!
2. DOWNSTAIRS – It just gets better! Yes, there is another good sized apartment that features two bedrooms, an open planned kitchen/dining area and an adjacent lounge area. The bathroom is bigger than many and there is a separate toilet. With its own entrance and adjacent carpark, it makes a great rental proposition. Rental potential $265 to $270 p.wk.
3. UPSTAIRS & DOWNSTAIRS – The can be reconnected in which case you have a four bedroom & 2 bathroom residence. Where else can you buy that for this price??
4. BONUS – there is an adjoining, but separate, large room with windows and door. It is currently being used for storage but has potential for ???? Use your imagination! Could be a $$$ here too.
Ok, so the place is not perfect. It needs a clean and tidy up, the carpet needs cleaning and the teal blue interior paint etc may not be to your liking. It also needs a new hot water system. There are a few other minor jobs that would be ideal for the handyman/investor who can see the real potential of this place. With a potential rent income of around $600 p.w (over $31,000 p.a, this represent a gross return on purchase price of over 12%.
A Council D.A is currently underway for the property to facilitate residential usage.
This property WILL be sold so don’t delay. Call Toni now for an inspection on 6495 3200
|R&H Suburb Summary||Houses|
|Number of sales||45|
|Median Rental Price||$420 p.w.|
|Change in Rental Rate (5yr)||17 %|
|R&H Suburb Summary||Units|
|Number of sales||111|
|Median Rental Price||$300 p.w.|
|Change in Rental Rate (5yr)||25 %|