在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m
How good do the figures have to be before you would buy something like this?
This came to my attention an hour ago. I normally develop and hold/sell rather than buy existing but this one is teasing me.
North coastal NSW. A unique & amazing situation exists here!This property just got passed in this morning at auction with the only interested party who made an offer offer of 480k. Agent reckons they wanted 600k. I haven't seen the joints inside but they are one street back from pacific hwy so are in a fairly noisy position. But at only 3 min drive to beach and shops I am tempted to have a look - especially if they could be strata titled down the track.
Believe it or not, 3 separate bungalows (Townhouses) on the one allotment!
House 1 & 2 are currently privately rented at $400/week with house 3 in need of some TLC before renting again. A gross annual return of $62,000.00/annum has been achieved in the past which is a phenomenal return for residential property.
The bungalows have good separation and privacy. Constructed of western red cedar they are roomy and well set up with 3 bedrooms, large bathroom & kitchens with living areas opening to the full length covered decks. The properties are in a great position central to Shopping Village and beaches ensuring strong demand for future tenancies. The prospect of strata titling the 3 homes could be well worth investigating as well!
The owner is committed elsewhere and is taking this property to Auction to sell. So come for a look, do your sums and express your interest'. You may be pleasantly surprised!Click to expand...
In the process of buying for $200k - currently rented for $280/wk. Red brick 2 bed unit. No work required inside or out. 5 mins walk to everything!
Just like I currently like them - and we're buying for long term holding.
Depending on the location the above would be very interesting ... would depend on how much work as I'm getting lazy in my old age.
Low maintenance makes sense Lizzie. What are your body corp costs?
This is the above property. Went and inspected the vacant back house which is the most run down. Needs a cosmetic reno + floor coverings - would be a great one for Nathan. I reckon maximum 50k reno on all 3 and they would rent for 1050/wk. Purchase price would be around 550 - 600k going off the agents talk. Some dodgy tenants in the other two paying 400/wk each house but falling behind in rent. I feel there would be some major issues to strata them but would need to check with council on this.
I like the Oceans Shores area, now that the Pac Hwy and Tugun bypass have gone through, it's only about 90mins drive from Brisbane.
I used to holiday in Brunswick Heads years ago which is a great spot.
Doing the numbers, it looks like you should be able to get a minimum of 8% gross yield (eg. $54,000 annual rent divided by $650,000 purchase + reno costs).
But I'm assuming there would be more maintenance expenses with a place like this, so definately check out the body corp costs.
Median House price in ocean shores is $480k so if you can get 3 x townhouses for $600-$650k that seems like a bargain (but they are on one title). Vacancy rate has increased from 1.1% in May 2010 to 2.7% in May 2011 which is a little concerning but not too much.
What's council rates like?
Investor78 said: ↑
What's council rates like?Click to expand...Around 1400/yr I would say for that site. There is no body corp since no strata. I know they would take 600k but would start with a low 500's offer if I were to go ahead with negotiations. I will probably stick with my little duplex niche though and keep rolling them over since the profits have been so healthy.
Well I was stunned today to hear that the Vendor has accepted 500k. The purchaser got a real beauty here. Apparantly the young guy plans to move into one for himself and rent out the other two. Clever cookie, good on him. He will still pull at least 700/wk, have a place to live and only be paying out around 5 - 10k for it all including outgoings.