Renovator On A Corner Allotment With Development or Granny Flat Potential
Property ID: 14829505
Purchase Price $260K
Estimated Renovation costs $15K
Estimated Rent After Renovation $290 per week
Estimated Yield after renovation 5.48%
Cost to add Granny Flat $140K
Estimated total rent $270 + $250 = $520 per week
Estimated Gross Yield 6.52%
The existing house has 3 bedrooms, 1 bathroom and 1 car park. It is due to be updated, which will allow you to add value and attract a higher rent. The house is functional as is and was tenanted previously but there are some wear and tear issues requiring rectification and a new paint job required.
The existing house is situated towards the front of a good sized corner block which will allow plenty of room for a granny flat with a separate street access (subject to Council approval).
Another option is to demolish the house and build a small block of units. Zoning allows for up to 5 units to be constructed on this block, this will of course be subject to Council approval.
This investment is in a great location with a bus stop 100m up the road, train station just a 300m walk and the CBD 3.5km away. There is an Aldi, Restaurants, Coffee Shop, Chemist and Banks within walking distance.
Within 2km of the property is a Shopping centre, Schools, Childcare, more Restaurants, Take away outlets Bunnings and Cafe's.
Other facilities within 4.5km include;
* TAFE Campus;
* University Campus;
* 2 Hospitals;
* Major shopping centre with Coles, Woolworths, Aldi, Target, Best & Less, Cinemas and more than 100 specialty stores.
The population of this region is forecast to more than double in the next 16 years, bringing an additional 75,000 jobs to the area. An additional 120,000 jobs are expected to be created within travelling distance to this location.
There is currently $Billions in infrastructure spending planned for this city. As a result this region is projected by property experts to see strong capital growth over the next 3 years.
* Vacancy rates are at 1.9% (2 - 3% is considered a balanced market)
* Online enquiries into this suburb are 23% higher than the state average
* The number of sales has increased by 1/3 compared to 12 months ago
* Days on market have reduced by 1/3 over the past 12 months
* There are currently just 5 blocks of land for sale in the suburb
Call Matthew Barnes on 0430 979 900 for further details.