$200K Equity Uplift In Less Than 12 Months
Property ID: 19898245
Rare opportunity to produce quick equity uplift.
Quality, in demand Brisbane suburb, with city views.
Price $1.4M for both the existing house and the vacant block of land.
Estimated value of the existing house $900K
Cost to raise and build under the existing house $215K
Build Price for new house $500K
Estimated Costs $232K*
ESTIMATED VALUE ON COMPLETION
Existing House after renovation $1.2 M
New House $1.35 M
Total Value $2.55 M
Less outgoings $2.347 M
ESTIMATED PROFIT $203K
PROJECT TIME 8 - 10 Months
* Costs include stamp duty, contingency funds, buyers agent fees, bank interest, rates & legal fees.
Estimated rent upon completion
$1,000 + $800 per week = $1,800 per week.
The existing house has a tenant in place paying $625 per week until October 2018.
The existing house has 4 bedrooms, 2 bathrooms and a DLUG. There are city views, from the front balcony and living area. These views will improve after it is built under a raised.
Building in underneath and raising the existing house will allow room for a 2nd living area, 3rd bathroom, media room or 5th bedroom plus study.
The vacant block is higher than the block with the existing house. This provides the opportunity to build a high quality 2 level house that will provide sensation city views that will have high appeal but limited competition.
Multiple Schools State Primary and High Schools within 4km
Child Care Center 2.1km
Shopping Center 2km
Bus Stop 400m
Train Station 1.7km
Brisbane CBD 9km
Brisbane Airport 14.5km
There have been 11 X $1Million plus sales over the past 12 months in this suburb alone. There have been 5 sales of more than $1 Million in the street, all within 100m of this property. This is due to the city views on offer in this location.
** The first photo is provided to give an indication of the views after completion of the project. This photo is from a balcony of a house in the same street.
For further details call Jamie Wilson on 0433 204 473.