This little 3 x Bedroom, 1 x Bathroom, 2 x Car Garage property was purchased for our client for $305,000 in a fairly poor condition and in need of a bit of loving. The house was solid with great timber floor boards and a recently renovate large kitchen but the original carpet and wall paper was still there, it just need a great make over. The garden was non existent and there was no front fence in case a potential tenant wanted to keep a pet. The current tenant was paying a well below market rental of $275 per week. The property is positioned close to the main street but sits a couple of doors away from one of the best coffee stores in the region.
So the renovation began, carpet cleared away and floor board sanded and sealed, removal of wallpaper and walls/ceiling all painted white, new lighting throughout and ceiling fans to bedrooms, new split system to main bedroom and lounge, wardrobes to all bedrooms. On the outside we built an Emu wire Cottage front fence and gates, new spotted gum front decking, outside of the house and roof painted and a beautiful cottage garden was created to give the property a fantastic Maclean Cottage look and feel. All in all we spent just on $30k to renovate the property ready for a tenant. A new tenant was signed on a 12 month lease for a massive $445 per week.
The advantage of this property is that it basically comes with a free block of land that has rear laneway access. The block size is approx. 800m2 allowing for the rear yard to be sub divided with a small property built to meet councils requirement.
This property now has fantastic rental yield with massive growth forthcoming with the sale of the back block.
