Renovate For Profit And Add A Granny Flat For Cash Flow
Property ID: 17977875
Purchase Price $240K
Renovation Costs $15K (Estimated)
Rent $280/week (Estimated after renovation)
Gross Yield 5.71%
Cost to add Granny Flat $145K
Combined Rent $280 + $250 = $530 per week (Estimated)
Gross Yield 6.89%
The existing 3 bedroom, 1 bathroom house situated on a 860m2 corner block could be rented as is. However, with a basic upgrade of the kitchen, bathroom, some new paint and a few other bits and pieces the house would appeal to a wider group of tenants and attract a higher rent.
The best feature of this property is the land. Situated on a large 860m2 corner block there is the potential to either add a granny flat or even a second dwelling (subject to Council approval).
There is a bus stop within 200m of the property and a train station with direct links to the CBD is just 1.6km away. It is walking distance to 2 primary schools, 2 childcare centres and a convenience store.
Property in this South East Qld location is in the upswing part of the cycle, with the prediction of good capital growth over the next decade.
Within 10 minutes your tenants will have access to;
* Shopping Centres;
* More than a dozen Supermarkets including Coles, Woolworths & Aldi;
* Coffee shops;
* Public Schools;
* Private Schools;
* Child care centers;
* Public & Private Hospitals;
* University Campus;
* TAFE Campus;
* Cinema complex;
* Established Industrial estate;
* Sports clubs;
* Medical centers;
* Australia Post;
* Several Banks;
* Motorway and arterial roads.
Growth Drivers for the region include;
* The population is estimated to double over the next 15 years.
* An additional 75,000 jobs are projected to come to the city over the next 15 years. An additional 120,000 jobs are expected to be created within travelling distance to this location.
* A $1 Billion industrial estate is under construction.
* A new industrial estate that is expected to have 14,000 ongoing workers after completion has been approved.
* The CBD is undergoing redevelopment.
* $300 Million upgrade of the airbase due for completion in mid 2018.
* A $150 Million Civic building for the library & Council admin staff has been proposed. Completion is expected in 2019 if approved.
* There are another $6 Billion of approved projects in the region which will provide thousands of ongoing jobs.
To secure this property or for further details, call Matthew Barnes on 0430 979 900.