HOME AND INCOME, 8%+ POTENTIAL

Listing Number:  2284
Posting Date:  17 July 2013






 
Price:$428,350
Listing: HOME AND INCOME, 8%+ POTENTIAL
Type:Home and Income
Category:Assignment
Bedrooms:5
Bathrooms:2
Region:Auckland
Site Area:648 m2
Address: Login
Building Area: 
Property Image

Description:

This freehold 3 bebroom home with a 2 bedroom unit attached. It is built in the 80's and according to the information from the selling agent it is all legal. From the council i know that they are aware there are 2 retable dwellings on the property.
The property is currently tenanted to very good, long term tenants who wish to stay. The 3 bedroom property is tenanted at $350pw and the 2 beddie is tenanted at $295pw. Both slightly under-rented.
The current tenants have cared for the properties well but there is room to add value and get the best rent possible.

The numbers:
Verbal valuation from a registered valuer $440000
Combined rent now $645pw
Purchase price $428350 (inclusive of Finders Fee and GST)
Gross yield as is 7.83%
You know you are getting a great deal as the owner has purchased this property more than 3 years ago for very close to the above purchase price.

Increasing the rent to current market rents for 3 and 2 bed properties will give you 8%+ and the current tenants are happy to pay the market rent as they love where they live.

Having issues uploading more images but can email them.