First Impression
This could be a great investment opportunity on a budget. There are not many opportunities like this one where $2.5-3m could get you a block (or terrace) that are divided into multiple tenancies. With $177k income and approx. $40k in costs and opportunity to increase the return by both renovation as well as potentially reconfiguring the current layout. You could also add more building space and a few more units (currently 3x 1 bed and 2x studio units) or alternatively look to redevelop the whole building instead. Either way, the location is great and so is the land and land size.. so it's pretty good buying around the guide price although it's probably worth a bit less than the quoted price.
Things we love
- Great location for lower housing accomodation investment
- Great sized block of land with potential to increase the building size
- Opportunity to renovate and add more yield
Things to consider
- The current layout and floorplans aren't the best use of the building
- It could become a money pit (so you would do the numbers and figure out if it's best to rebuild instead)
- no parking
Report Card
Buyers AgentSeaton Jones
Private Grading
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