Wow, not many property of this kind come onto the market and we were very fortunate to secure this property “off market” for one of our clients. This property offered 2 units (ground floor and first floor) with 2 bedroom, 1 x Bathroom and 1 x Carport set on 680m2 block. Each unit need a full internal renovation makeover to place the units ahead of the market to ensure we could ask for a rental value per unit fitting of the style of property to be offered. The property was purchased for $286,000 with a weekly rental value combined of just $400 per week.
The lower unit was first to go through a renovation at the conclusion of the tenants rental lease period with a new kitchen, new vinyl planks in living and kitchen area, new carpets to the two bedroom, wardrobes to bedroom 2, fully painted interior and new split system unit. Once completed and new tenants approved and moved in we then commenced the same renovation on the upstairs unit delivering two new look units at a cost of $50,000 which included some much needed landscaping.
With new tenants in both units the combined rental went for $400p/w to $550p/w providing excellent rental yield with the only completion property valuation of $350,000 - $375,000.
My Property Buyers Agent can project manage the entire renovation for our clients at a fee to be determine based on the size of the job.
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