This property consists of 2 separate units and a large freehold land holding of 2205sqm. It features a modern 3 bedroom house with a private spacious deck and a carport. Also included a rear 2 bedroom flat with deck and carport. Both properties are on the same title and currently rented at $330p/w and $250p/w. There is rental upside by renovating the 2 bedroom flat which could potential increase to $270p/w. The numbers:
Annual Income: $330 + $250 = $580 per week x 52 = $30,160 per annum
Annual Expenses:
Rates: $2,450
Insurance: $1,500 (estimate only)
Property Management: $2,775 (8% + GST of rents)
Interest: $18,133 (100% borrowing at 5% p.a. on interest only)
Total Expenses: $24,858
Making a cash flow positive amount of $5,302 per annum
We are currently obtaining a quote from a surveying company about the possibility of subdividing the site and or unit titling the current units and will provide this information to serious buyers.
The Wellington region has been showing very strong growth in the past 6-12 months.
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