9.9% YIELD FROM JAN 2009 WITH $10,000.00 CASH BACK OFFER

Listing Number:  1049
Posting Date:  10 June 2008






 
Price:$750,000
Listing:9.9% YIELD FROM JAN 2009 WITH $10,000.00 CASH BACK OFFER
Type:Unit/Flat : Do-Up
Category:Private Sale
Bedrooms:6+
Bathrooms:3+
Region:Manawatu / Wanganui
Site Area:194 m2
Address: Login
Building Area:370 m2
Property Image

Description:

- Yield 9.9% from Jan 2009, after renovation
- Current 8% YIELD in Newtown, Wellington
- $10,000.00 Cash Back offer on settlement
- Property only 15 seconds walk to main shops and bus stops
- Comes with 2 off street car parks out the front
- Tenants usually sign 1-year lease so you will never have vacancy issues.
- Great capital growth area

Property consists of the following:-

1 x 3 bedroom flat upstairs, returning $450 p. week
1 x 5 bedroom fat downstairs, returning $700 p. week
Total current weekly income $1,150.00. Annual Income $59,800.00

An expected rental income of $75,400.00 ($1,450p.wk) when renovations are made to lower flat and new leases agreed from Jan 2009.
Tenants sign a 1-year lease so you will never have vacancy issues.

Yield will then be 9.9% after reno - therefore cash flow positive !!

The recommended renovations to the bottom flat would consist of turning the back area of the flat into a self-contained 1 bedroom unit, which already has its own separate toilet, separate bathroom and you would just need to add a small kitchen.

You will also probably need to allow for a 3rd off street car park.
Plus 2 of the bedrooms in this bottom flat are huge, which can easily be converted to 3 bedrooms - total reno cost $15k.

After these improvements registered valuation is expected to be between $900,000 and $950,000.

The rental income would then be as follows:-
3 bdrm upstairs $450
5 bdrm down $750
1 bdrm self contained unit $250
Total rental income $1,450.00

Private sale price $750,000
Deposit only $ 10,000
**- $10,000.00 Cash Back offer on settlement -**

Fantastic CENTRAL Newtown, Wellington LOCATION within a stone's throw from major bus stops and main shops. Great location will ensure tenants will be easy to find.

Property is also only a 5 minute walk to WELLINGTON HOSPITAL.

Some Benefits of this property are:-

- Yield 9.9% from Jan 2009, after renovation
- Current 8% YIELD in Newtown, Wellington
- $10,000.00 Cash Back offer on settlement
- Property only 15 seconds walk to main shops and bus stops
- Comes with 2 off street car parks out the front
- Tenants usually sign a 1 year lease so you will never have vacancy issues.
- Great capital growth history

Contact me NOW at:- w.m.sedcole@paradise.net.nz
or Ph Wayne 021 47 46 46 for more details.