Info on a rural NSW property

Hi,

Thanks for the replies!

It's a difficult situation. Lets just say the three parties involved do not have common goals in regards to the IP. One party has moved in and is currently the tenant, as they believed the property could not be tenanted in it's current condition. It was left empty for 9 months because of this. I have inspected it, and feel that it is fine. They make assumptions that the possible $10K per year will be used totally for maintenance! etc etc….

There is a minimal mortgage on the property so it should be cash flow positive. However, the motivation I guess is that they realize they could just sell it, pocket the proceeds and move on.

My suggestion was they find a property manager, look for good long term tenants, and leave it be, while looking at ways they can release equity for their own situations. However, I am unsure if this is possible, unsure of future growth, if they release equity, it may no longer be cash flow positive. If it was negatively geared, I am unsure how that may benefit their individual situations.

Also it is a difficult property to find comparable sales for, it is an acreage property but in a size that is in between properties in the area. It looks like properties in the area stay on the market for a considerable time, there seems to be plenty of different properties available. The few appraisals they have received have had has ranged reasonably.

I was hoping to get a snapshot of the local area and the property itself as there may be some useful information for them that might help them.

Any advice on this? I'm thinking it's best to let them be. I just see their situation as a good start to getting them on their way with their financial future, and as a friend, just trying to help if possible.

Also, what other options can people suggest to obtain a true valuation of their properties? Comparable sales I guess has to be one of the best ways, but how do you obtain this info on the web?

Cheers