Off Market Renovation Opportunity With Granny Flat Potential
Property ID: 18701955
Purchase Price $260K
Cost of renovation $35K
Cost of Granny Flat Construction $150K
Total cost $445K
Estimated rent $350 + $300 per week = $650 per week
Estimated yield 7%
Southern Brisbane Metro Region
Looking for a property with renovation potential? Would you like to manufacture cash flow? You can do all this for less than $450K.
The existing 3 bedroom, 1 bathroom , SLUG house is currently rented for $310 per week, but could do with a facelift and a few repairs. Upon completion of the renovation you could expect an increase in rent to around $350 per week.
The existing house is situated to the front of the block, leaving room at the back for a brand new 2 bedroom granny flat. These types of granny flats rent for at least $300 per week in this area.
The house is within walking distance to a train station with direct access to the Brisbane CBD and there is easy access to the motorway which can get you to the Brisbane and Gold Coast CBD areas in less than 40 minutes.
Within a few minutes drive your tenants will have access to;
Coles X3, Woolworths, Aldi, IGA X 2, Big W, Child care, Primary School and High school.
Large businesses that have invested in the area include McDonalds, Zarraffa's, Subway, Red Rooster, Eagle boys, Pizza Hut, Dominos, Pizza Capers, KFC, Noodle Box, Australia Post, NAB, Suncorp, Heritage Bank and Mitre 10.
Current vacancy rates are very low 1.6% and the rental market is tightening.
Prices in the location have started to rise and houses are selling 40% quicker than they were 12 months ago.
The town centre nearby is currently being upgraded
To secure this opportunity call Matthew Barnes on 0430 979 900.