Zuki, sounds like a good deal to me. I would look closely at the cap gain opportunity as well as likely rent increase over time to give you some protection from possible interest hike over the next 2 to 3 yrs, but at today’s rates it sounds like a very good deal.
I like these deals even more if they offer the ability to split title, giving you lots of flexibility down the road – i.e sell two and keep two. How does it look when strata/management costs are taken into consideration ? I would be interested to know where the block is located and how the opportunity pressented itself as I am alsways on the look out for similar opportunities myself.
As far as the bank goes, I think in this market if the valuations are supportive and you can present a solid business case with risk management considerations then it should be a no-brainer.
Rgds.
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