Forums / Property Investing / General Property / Elizabeth SA Hidden Gem

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  • David Thiu
    Participant
    @david-thiu
    Join Date: 2017
    Post Count: 75

    Hey guys,

    Just thought I’d update you on that Duplex I was looking at in Elizabeth area.

    Basically I thought the numbers seemed really good. $255,000 for potential rent of $400 per week, which pretty much would cover the mortgage repayments.

    I also thought there was a lot of potential considering the block was over 1200 sqm and a developer recently built 4 townhouses on a similar site, selling each from around $300k.

    Click here for details

    Unfortunately when it came time to inspect I was horrified with what I witnessed. It wasn’t as simple as replacing the floorboards, adding a shower screen, and giving the property a lick of paint, but there were some serious electrical, plumbing and structural issues with the property.

    And scary thing was there was a piece of paper in the kitchen that mentioned a window was broken the week before and squatter found inside!

    I guess everyone was right, and I should have listened. But at least I learnt the hard way, and know now to stay away from buying a property in that area.

    David Thiu
    Participant
    @david-thiu
    Join Date: 2017
    Post Count: 75

    Here’s some photos if you are interested

    Click here to view

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