DO-UP SUIATABLE FOR MINOR DWELLING - 9% YIELD

Listing Number:  1392
Posting Date:  10 March 2009






 
Price:$199,000
Listing:DO-UP SUIATABLE FOR MINOR DWELLING - 9% YIELD
Type:House : Minor Dwelling Potential
Category:Double Settlement
Bedrooms:4
Bathrooms:1
Region:Auckland
Site Area: 
Address: Login
Building Area:700 m2
Property Image

Description:

CASHFLOW POSITIVE BY ALMOST $70/WEEK!!
There are plenty of options with this property - finish the renovation and get the equity gain, add a minor dwelling for increased return and equity, or rent it out as it is for a 9% yield!

Property Details:
The dwelling comprises a spacious 4 bedroom home on a 700m2 section situated in a quiet street surrounded by quality homes. This property has been renovated to a very good standard and just needs the kitchen and laundry finished. The overall condition of the house is excellent.
This house was built in the 50s of timber weatherboard cladding and concrete tiled roof.

A very large double garage is at the rear of the property to one side. There is very good access to the back yard. The property is well fenced with a good driveway. An up to date rental appraisal has been completed and shows the property will rent (once finished) between $320 and $350 per week. The estimated costs to complete the kitchen and laundry is between $4000 and $5000. Close to good schools with bus services nearby. Big financial upside here by completing the renovation and reaping the rewards with both excellent yields and equity.

Location:
Close to Papakura town centre and local public parks and services.
Primary, Intermediate and High Schools are all within a short commuting distance.

Property Value:
This investment has a high financial upside when you complete the kitchen and laundry. Great investment as the hard work has been completed. You are adding value by simply finishing off the renovation at little extra cost.

Summary:
Purchase price: $199,000 via double settlement
Registered valuation: $250,000 (finished)
Cost to finish renovation (kitchen and laundry, $4000 - $5000)
Deposit: 23,000
Rental: 350 per week
Gross yield: 8.9%


So this investment potentially looks like this:

15% below valuation
Almost 9% return
Huge financial upside with finishing renovation.
Located in a very quiet part of Papakura and close to all amenities.

Take advantage of the vendors position and add some real upside equity here.

Please contact me if you have any questions.

Contact: Kent Leicester
Phone: 021 2880119


Additional Documents:

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Description: Valuation
File Size: 1.85 Megabytes
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Description: Cashflow Forecast
File Size: 63 Kilobytes