2 houses on 719m2 of L3 land. I have checked with the Christchurch City Council and the two houses can be put on seperate titles.
The property currently consists of a character villa which has 4 large bedrooms with vanities. I intend to make a 5th bedroom by putting a wall in the living area. This house is fully furnished and is within walking distance of the CBD. It has one bathroom, seperate toilet, new kitchen, ceiling insulation, carpeted, heaters in all rooms on timers and a north facing private outdoor living area. Off street parking for 3 - 4 cars.
2nd house has three bedrooms - 2 large doubles and one single, one bathroom and a large open plan living area, a north facing deck and easy care garden. Off street parking for 2-3 cars.
Currently fully tenanted but under rented, all on periodic tenancies. I have a rental assessment of $1150 - $1250 per week - after tax cash flow positive and a 9% + net yield.
Options are: retain both houses as is, subdivide, do a cosmetic reno to 2nd house and on sell, or subdivide, reno 2nd house and sell both.
I have a registered valuation of $585,000, building inspection report and LIM.