Here is a potentiallly good project home for anyone interested.
Rental return now is 440 per week for a 269k sale.
It is a 4 bedroom place and each bedroom is wired for net access. It is only about 2-3 blocks from Newcastle Mater hospital and very close to a bus stop for a short bus ride to Newcastle uni.
You can easily add more rooms or even a granny flat or whatever in the backyard to increase yield.
It does require work though but the students are happy with it now and are paying 110 per room.
Personally, i'd rent it as is until the end of this year, and then spend the summer holidays working on it and then increase rent for the intake of 1st semester next year - therefore increasing yield.
I have too many projects to take this on at the moment and being based in Canberra makes it a bit difficult to self manage this one.
But for 269k for 4 bedrooms in a good location is potentially a good prize for someone. Jut keep in mind the work that is required to tart it up.
I can vouch for location, anything in that area is snapped up from uni students...
Why hasn't anyone bought this?
It looks OK (on the surface).
travelbug said: ↑
Why hasn't anyone bought this?Click to expand...Who says they haven't?
You always have to be a bit concerned when there are no photos of the kitchen or bathroom. "neat & tidy" in real estate speak means - "needs to be thrown in a skip bin".
But this place is probably worth close to asking price. Needs work as gr1965 says. (and a new roof on half of it)
It was still listed when I posted.
Hence the question.
travelbug said: ↑
It was still listed when I posted.Hence the question.Click to expand...Yes I understand. I know a couple of ppl interested. For quality accom for Uni students you can get $145 - $150 per room. This one is $110 at the moment - so that tells you something.
Uni student by-the-room is not for everyone, but there are REA PMs that will take it on.....and, as has already been mentioned - the yields are good.
I have had a look at this property on friday.
I looked into this, numbers look good but way too stressful for a 1st IP when I don't live in NC...
Yes and it does not have "good bones" in my opinion.
It needs work and even then you will have a bit of a hodge podge of a property. You can do better for the same money in same location.
lisag said: ↑
I have had a look at this property on friday.Click to expand...What did you think?