Well Maintained House Under $300K with Sub-Division & Granny Flat Potential
Property ID: 15059075
Purchase Price $290K
Estimated Rent $285 per week
Estimated Yield 5.11%
Land Size 809m2
You have 3 options to add value to this property (all subject to Council approval).
Value Add Option 1 - Sub-divide the land and sell (Estimated value $140,000).
Value Add Option 2 - Sub-Divide the land and build a 2nd house to either sell or rent.
Value Add Option 2 - Add a granny flat. Estimated cost of the Granny flat is $130K.
Estimated rent $270/week + $250/week = $520 per week.
New Estimated Yield = 6.43%
The existing house has been renovated in stages over the last few years so there is no work to do. It has 2 large bedrooms with 2.75m ceiling + a sleep out.
The bathroom has recently been renovated and is in great condition. The kitchen was renovated a few years ago. The property has a large lounge and a formal dining area.
FACILITIES AND INFRASTRUCTURE NEARBY
There are several Bus stops, a huge Park, Take away outlets and Restaurants within a few minutes walk.
Within a 3 minute drive there are Banks, Doctors, Pharmacy's, Australia Post and a Cinema.
There are 5 Private Schools and 7 Public Schools within a 4.5km radius of the property.
1.5km to 2 Hospitals.
2 km to a University Campus.
2.4km to a TAFE campus.2.5 km to CBD.
2.7 km to Train station.
3.6 km to the largest Shopping centre in the City; with Aldi, Coles, Kmart, Target and Woolworths and over 150 specialty stores.
6km to a large new Industrial Park to be constructed and is expected to bring 14,000 jobs to the area.
8.4 km to a $1Billion Industrial park.
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.
While the entire region is set to see capital growth, some locations within this region will do better than others. Considering the below all indications are the suburb this property is located in will perform better than most;
The suburb this property is located in has the highest online enquiry rate in the city and almost 70% higher than the state average.
Vacancy rates have consistently been below 2% for a number of years and currently sits at 1.7%.
Available properties on the market have reduced 28% in the last 10 months.
There is only 1 block of land available for sale in the suburb. The location is established so there in limited opportunity to construct new housing.
The number of house sales has increased 25% over the past 12 months.
Rental yields have increase over the past 12 months.
These types of properties don't last long so call Matthew Barnes ASAP on 0430 979 900 for further details and to secure this investment opportunity.