OK Its a block of four units. One bedders with carport parking for all Not strata titled. PRICE about $320,000
Good points. 1 klm from town cbd pubs shops river . 10 klm to beaches (south coast nsw population 100,000 i think)
100% occupied for last 10 years at $110 pw each. Total $440 pw
Brick and tile
Told by PM that a paint and floor tidy up and aircon could raise rent too $130 $140 Total $520 to $560
Bad points ON princess highway in central town location bit busy. Its not a real bad area but its between town and the lesser area
of town
Bit shabby looking outside (no gardens etc)
Lower end tenantsI think it looks ok. With a tidy up inside and out it should cover loan amount and in a improved market with the raised rent Should see a modest capital growth.
What ya think..
PS sorry for all the posts tonight im stuck at work waiting for a plane to turn up so im surfing to kill time.Do some research to establish ACTUAL rent for this type of renovated property in the immediate area. Never go on agent's opinions about rent returns.
With what i have checked so far there is nothing under $100 PW near by. The current $440 combined PW is from public housing who have leased all the units for last ten years and wish to continue.And apparently they have giving the indication of $520 to $560 PW rent after renos so kinda sounds all right to me.Once again not where i would wish to live but i guess thats not why you buy positive geared properties. Its less than 1 klm from my current IP which is in a desirable area so the area is not that bad its just that its on the highway. The units are set well back on the block so a fast growing hedge out front should help with its appeal
Hey,
Could be quite cost effective in doing the improvements such as new carpet, paint and air con as you will be able to bargain on the fact there are 4 units involved. As Marc said do some real research on the rents!!Luke
Any risk of major future highway widening?
Also can they be strata titled? Could increase their value much.No its already dual lane and in years to come this section of town will be bypassed so the road traffic will be less in the future.The bypass will not affect town as it is not reliant on through traffic.
Has it actually been tenanted for the last 10 years or has it been covered by Public Housing where they still pay the rent even when no one is there. I would ask to see the last 3 years tax returns from the pm and check for any insurance claims or repairs that have been done. Damage tends to occur with in Public housing groups. Check with Public housing also and see if they are committed to a lease not a verbal agrement. Some public housing is run by social welfare groups and not by public housing itself.
Thanks c2. Good points to bring up when i speak next.
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