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.
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.
Here’s some photos if you are interested
You must be logged in to reply to this topic. If you don't have an account, you can register here.
