3 FLATS SO CLOSE TO THE BEACH AND TOWN - NELSON

Listing Number:  1672
Posting Date:  21 November 2009






 
Price:$477k or 160k each
Listing:3 FLATS SO CLOSE TO THE BEACH AND TOWN - NELSON
Type:Unit/Flat : Do-Up
Category:Double Settlement
Bedrooms:6+
Bathrooms:3+
Region:Nelson / Tasman
Site Area:228 m2
Address: Login
Building Area:3 4 share 766 m2
Property Image

Description:

Have just got a great opportunity come up for an investor.
I have got under contract 3 in a block of 4 flats in Tahunanui, Nelson. 76sqm each on Bolt Rd,
3 flats all rented, one tenant been there for 2 Ĺ years, they pay $200/$210/$215 for them. Total rent $625 a week.
PP $476k for all or $160k each. They are close to the beach, shops and Nelson city, this is a sort after rental area because of its location.
Have spoken to a Valuer in Nelson who knows them well. He said they would only value them at about the $170k mark at the moment, but with an inside paint and new carpet they would value well over $200k each. He also went on to say that once this has been done they would also be attractive for a first home buyer. He said the rents would demand a top price at this stage.
Options:
1. Buy, do nothing at this stage and let current rents service the property.
2. Buy, do up and keep with much greater rents
3. Buy, do up and sell ($160k + $10k for reno). Profit $200k - $170k = $30k on each before GST/Tax.
4. Joint Venture, we have plans for them. You buy (with slight discount), my team do the reno, we share the profit. Can do extremely quickly and efficiently.

Give me a call if interested, we (my bus partner and myself) would love to do this with someone and share the profits. Our estimates are for the just over $90k deposit (20% of all), there should be at least $75k (after all expenses incl GST and RE Agents if needed)profit to be shared, should be greater, I like working conservatively. Estimated time to hold 1- 2 months, now thatís a pretty good ROI, for less than 2 months. Talk to us, we will send and talk over our plans with it.


Ring me for more info. Mark 03 5794204 or 021 402990