D0-UP PLUS SUBDIVISION $50K UNDER CV!

Listing Number:  481
Posting Date:  11 November 2007






 
Price:$485,000
Listing:D0-UP PLUS SUBDIVISION $50K UNDER CV!
Type:House : Subdivision Potential
Category:Assignment
Bedrooms:5
Bathrooms:1
Region:Auckland
Site Area:1413 m2
Address: Login
Building Area:200 m2
Property Image

Description:

Buy whole property for $50k under CV$535,000, including the assignment fee. Brick & Tile home,approx 17 years old, with rumpus room or 2nd living, carport.
Add value by renovating eg paint, paper, carpet, add garage, landscaping.
PLUS subdivision possibility and access prior to settlement.
Settlement 30 January 2008.
Options include:
1/ Subdivide and renovate
2/ Subdivide, renovate,build garage, build home on new lot
3/ Subdivide and sell house to renovator

Financials:
Sell house(conservatively) $510k, and section for $220k.
Subdivision costs $75k, renovation $20k, holding costs, GST, agents commission, rates, insurance, contingencies, legal, say $75k, less some rental income $9k
Gross Profit $75k or sell privately and increase Gross to $103K