The property is an ex Comcare community house set up for disabled residents. It has a building WOF with fire hoses etc. It has the potential to be 10 bedrooms with minimal building.
POTENTIAL RENTAL RETURN: $1800 1900 PER WEEK
Rental demand in this sought after area of St Albans in Christchurch is high, with low vacancies. I estimate the property to need $30,000 of work done to it to get it into the 10 bedroom format including new carpet throughout. This can be added to the purchase price and completed before possession if that suits you. Otherwise buy as is and do it yourself. If this is done a Registered valuation of over $800,000 would be possible i have talked to the valuer as this would still be a 11% plus return.
Yes there is more the section is subdivideable! A similar section is for sale just across the road for $210,000 $220,000 at the moment.
Chop it off and build to increase you return and equity even more or sell off to decrease your mortgage and ramp up your cashflow!
Get on to this today 18.8% return in a main centre? duh