25% BELOW VALUE, 18.8% GROSS RETURN. HMMM

Listing Number:  884
Posting Date:  12 March 2008






 
Price:$499,000
Listing:25% BELOW VALUE, 18.8% GROSS RETURN. HMMM
Type:House
Category:Double Settlement
Bedrooms:6+
Bathrooms:3+
Region:West Coast
Site Area:210 m2
Address: Login
Building Area:938 m2
Property Image

Description:

This property is a real winner.

REGISTERED VALUATION AS IS: $650,000

Purchase price: $499,000

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.


BUT WAIT!

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

More photos available