12% YIELD, 10+% EQUITY & EASY RENO FOR FURTHER 10%

Listing Number:  2023
Posting Date:  08 November 2011






 
Price:$162,500
Listing:12% YIELD, 10+% EQUITY & EASY RENO FOR FURTHER 10%
Type:Unit/Flat
Category:Assignment
Bedrooms:4
Bathrooms:2
Region:Gisborne
Site Area:568 m2
Address: Login
Building Area:104 m2
Property Image

Description:

Dual Income. 2 * 2 bedroom flats in solid rental area returning $380 per week. Thatís a 12% yield!

Recently renovated interior with new wiring throughout. Opportunity to add a lick of paint to the exterior to add another 10 % equity. Registered valuers verbal estimate of $180,000 as is and around the $195,000 mark with cosmetic rennovation to exterior. I have a crew ready who can complete the rennovation for $5k. There is 8 weeks from settlement to possession to carry rennovation with access.

There is a under supply of rentals in Gisborne so strong rental demand which has recently seen increasing rents. Tenants would like to stay on long-term.

Property is close to schools, doctors and local shopping centre.

This property is cashflow positive by $68pw or $3556 pa

Purchase Price: $162,500
Equity: $17,500 potential to increase to $32,500
Current rent: $380pw or $19760pa
Gross Yield: 12% current -
Cashflow Positive: $68pw or $3556pa
Verbal Valuation: $180,000 could be increased to $195,000 after external paint
Building: 104m2
Land: 568m2
Rates: $1,648.00
Bedrooms: 4
Bathroom: 2

12% returns donít hang around so please if you have any interest in the property please call.

Panapa Ehau 0273696925 or panapaehau@gmail.com