15% UNDER RV, NEW RENOVATION WITH MINOR DWELLING POTENTIAL!

Listing Number:  1393
Posting Date:  10 March 2009






 
Price:$247,000
Listing:15% UNDER RV, NEW RENOVATION WITH MINOR DWELLING POTENTIAL!
Type:House : Minor Dwelling Potential
Category:Double Settlement
Bedrooms:3
Bathrooms:1
Region:Auckland
Site Area: 
Address: Login
Building Area:607 m2
Property Image

Description:

CASHFLOW POSITIVE BY ALMOST $35/WEEK! No work required here, a hands off fully renovated home on a full site suitable for a minor dwelling to be added in the future!

Property Details:
This house is made up of 3 bedrooms, separate lounge, kitchen and usual bathroom and laundry areas on a 607m2 section. Situated in a quiet street surrounded by good quality homes. There is absolutely nothing to be done here as the house has been completely renovated and redecorated to an excellent standard.
This house was built in the 1970s of 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 a large secure section with good fencing and tidy back yard. There is potential here for a minor dwelling to be erected on this property. This property will rent for $340 per week as it stands. Close to good schools with bus services nearby. The upside here is that all the costly renovation and redecorating work has been done so you pick up the financial equity gain on day one.

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

Property Value:
This is a great investment with excellent equity gain and rental return from day one. No immediate maintenance costs either as this property is like new. By adding a 2 bedroom minor dwelling at the rear of the property you will be substantially increasing equity and yield.

Summary:
Purchase price: $247,000 via double settlement
Registered valuation: $290,000
Deposit: 25,000
Rent: 340 per week (upside here of an additional $350 per week for minor dwelling if you added one)
Gross yield: 7% AS IS or 9% with adding a minor dwelling (budget of $150k for minor dwelling)

So this investment potentially looks like this:

15% below valuation
7% return
Positive cash flow
Located in a very quiet part of Manurewa and close to all amenities.

Take advantage of the market NOW before prices start to climb !!
Keep as it is or add a minor dwelling and reap the financial rewards.

Please contact me if you have any questions.

Contact: Kent Leicester
Phone: 021 2880119


Additional Documents:

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Description: Valuation
File Size: 1.9 Megabytes
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Description: Cashflow Forecast
File Size: 63 Kilobytes