HOUSE OF AVIATION STUDENTS

Listing Number:  1864
Posting Date:  31 January 2011






 
Price:$260,000
Listing:HOUSE OF AVIATION STUDENTS
Type:House
Category:Private Sale
Bedrooms:6+
Bathrooms:2
Region:Manawatu / Wanganui
Site Area:570 m2
Address: Login
Building Area:140 m2
Property Image

Description:

We have set up this property so that we get aviation students staying in the property every year paying $130 per room.

It has 6 bedrooms with a separate lounge which we had used as another bedroom.

When it was 7 bedrooms it returned $935 per week, but is currently only using 5 bedrooms as one is being used as a lounge and other one being used as a storage room for myself.

Current students are fixed until end of first semester(4 July 2011) but probably renew till the 20th December 2011 if they do not fail their course.

Its a well known property among the aviation students and have been queing up with applications.

Rent includes expenses of $25 per person, so the net rent at this stage is $475 but can easily get $580 if the 6th bedroom is also rented out.

With current rent it will be yielding at net 9.5% at purchase price of $260,000.
When the 6th bedroom is used and let it will 11.6% net and if you want to really maximize the yield by renting out the lounge as a double bedroom will return $180 extra per week increasing the yield to 14.9%.

Please contact Andy on 022 366 8949 or email to fashion2ne1@gmail.com