What a superb investment opportunity! One building with three separate tenancies configured into one 3 bedroom and two 1 bedroom flats...sounds too good to be true! Bringing in a solid net return (after outgoings which include insurance, land and water rates, land tax and property management fees) of over 4.6%, there is a significant rent increase pending that will elevate this to a 5%+ net return!
The hilltop location provides great water and suburban views as well as taking full advantage of the all-day sun. Despite its elevation, the land has a very gentle slope, making the allocated, fenced yards – each with its own clothesline – both useable and easy to maintain.
The double brick construction is a deceptive exterior to the internal features, graced with classic 1960’s etched glass doors, large windows in every room to complement the spacious rooms themselves, and proportions few new homes can offer. Two of the three kitchens, the main bathroom, floor coverings and wiring have been updated over the years, with scope to continue this improvement process. The current rent at $675 per week is looking to increase in the coming weeks, with one of the flats becoming vacant.
For those keen to expand into the huge under-house area, there is ample space adjoining the roomy garage for storage or to increase the number of bedrooms in flat 3 – subject to council approval.
So rather than lock your money away in a term deposit to get around 2.7% interest, why not almost double this rate with a solid “bricks and mortar” investment that will work for you into the future. Three separate tenancies means you are never without any rental income, provides the option to live in one and rent out the other two, and there are no Body Corporate fees or other strata owners to deal with! It’s also a “single acquirable asset” under SMSF rules. The perfect investment property!
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Property Code: 1708
