David ThiuParticipant@david-thiuJoin Date: 2017Post Count: 75
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.
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.