DUAL INCOME WITH 9.9% RETURN - RENOVATE AND SUBDIVIDE

Listing Number:  2578
Posting Date:  11 April 2015






 
Price:$292,190
Listing:DUAL INCOME WITH 9.9% RETURN - RENOVATE AND SUBDIVIDE
Type:House : Subdivision Potential
Category:Assignment
Bedrooms:4
Bathrooms:2
Region:Bay Of Plenty
Site Area:200 m2
Address: Login
Building Area:2317 m2
Property Image

Description:

Two great homes on a huge section, with room to add value with renovation and subdividing. Or just leave as they are and reap the cash flow.

Additional Information
The "opportunity" here is that this property lacks street appeal, but it has huge potential for its new owner. These homes look like the worst homes in the street, however on closer inspection they are not actually too bad and with a few changes they will become lovely private homes that could be on sold to a new home buyer or kept as cash flow positive rentals.

Comparable sales for stand alone properties in the area are about 10% higher than the rateable value at around $180 - $210K. There is definitely potential on this property.

29 Lisa Crescent:
Three bedroom Initial home in average condition. Lockwood style walls ensure a great tenant resistant life. The lounge has a lovely window seat, that just requires an upholstered cushion to make a comfy place to read a book and the ranch slider opens onto a wooden deck.

The bedrooms are a good size and the master bedroom has a lovely corner window that overlooks the council reserve. The bathroom has a glass shower, separate bath and tiled vanity. There are no carpets in the bedroom areas so this home would be improved with the addition of new lino and carpets. The property has a double garage that is currently used for a sleeping area.

29A Lisa Crescent:
Older style weatherboard home with corrugated iron roof, the home is in remarkably good condition. Three good sized bedrooms with wardrobes. The entire house is completely fitted out with lino floors. Walls are painted and are in reasonable condition. The bathroom has a corner shower complete with showerdome. This home would benefit from insulation and heating being added. Kitchen is sunny and spacious with stainless steel bench and Westinghouse Stove. The laundry is accessed through the back door in a separate room.

There is a double garage and workshop for this home also. The house is well painted however it is an unattractive mustard colour and a change in colour would improve its appearance.

These properties need some attention, mainly landscaping, to add value and increase the calibre of tenants they attract. Both homes would benefit from the addition of carpets. The driveway is extremely potholed and needs remedial attention urgently, there are some overgrown shrubs that should be removed to avoid the access looking narrow and unwelcoming.

This is a huge section however there are a number of overgrown large trees that shade the homes and make it dark and feel damp. We can supply the names of a tree surgeon to help remove these trees.

There are subdivision plans drawn up to separate the two dwellings onto separate titles and were approved by the local council in 2006. Unfortunately the consent has now lapsed and they would need to be resubmitted. We have costs from the original surveyor available for a resubmission.

Homes such as these with double garages are highly prized by tenants, and if the homes were renovated and the section cleared the rent would be able to increase.
Amenities
This property is handy to the public transport systems in Rotorua and is in easy walking distance to numerous primary schools and day care facilities. Additionally it is also zoned for the popular Western Heights High School.

There are suburban shopping facilities nearby and Countdown will be building a new supermarket in the neighbouring suburb shortly.

If you are interested in this property please contact:
Debbie Van Den Broek, Property Finder - Rotorua (Licensed Salesperson REAA 2008)
debbie@ifindproperty.co.nz or 021 131 6119 or go to i


Additional Documents:

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Description: Rates File - 29 Lisa Crescent, Rotorua
File Size: 392 Kilobytes
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Description: Zoodle Report - 29 Lisa Crescent, Rotorua
File Size: 729 Kilobytes