Hi all,
I found a very unique old terrace house in the inner city that has 3 separate titles and consists of 3 separate zoned 2 bed + living + 1 bath + courtyard "apartments".
It's kind of hard to explain, basically the bottom level is 1, first level is 2 (has its own entrance point) and the third apartment is out the back in a self contained unit that is accessed from the rear. The courtyard has been split and sectioned so they're all private from one another. No parking on site though and the building is a bit old, but each unit is decent sized.
The house was passed in at auction and I just saw it listed at private sale of $1mil. I was thinking that each unit could be rented out at around $350, $380 and $390 = $1120per wk, which covers mostly all of the $1240 weekly mortage. I just need to contribute $150 and even if the interest rate increases to 8% it would only be $300 - $350 that I would need to put in.
What are your thoughts on this sort of investment? It's such a unique one-off property and I'm frankly surprised that it was passed in at auction - I'm not sure if I'm over-playing its usefulness. IMO maybe in a couple of years of renting it out, I could split the land or something. Do you think a weird property like this would have good long term capital growth? It's in a very highly sought after location, close to university, transport, city etc. Great rental return.
Would love to hear some feedback! This is my first foray into property (after a previous cancellation) so I want to make sure this time I make the right decision.
I found a very unique old terrace house in the inner city that has 3 separate titles and consists of 3 separate zoned 2 bed + living + 1 bath + courtyard "apartments".
It's kind of hard to explain, basically the bottom level is 1, first level is 2 (has its own entrance point) and the third apartment is out the back in a self contained unit that is accessed from the rear. The courtyard has been split and sectioned so they're all private from one another. No parking on site though and the building is a bit old, but each unit is decent sized.
The house was passed in at auction and I just saw it listed at private sale of $1mil. I was thinking that each unit could be rented out at around $350, $380 and $390 = $1120per wk, which covers mostly all of the $1240 weekly mortage. I just need to contribute $150 and even if the interest rate increases to 8% it would only be $300 - $350 that I would need to put in.
What are your thoughts on this sort of investment? It's such a unique one-off property and I'm frankly surprised that it was passed in at auction - I'm not sure if I'm over-playing its usefulness. IMO maybe in a couple of years of renting it out, I could split the land or something. Do you think a weird property like this would have good long term capital growth? It's in a very highly sought after location, close to university, transport, city etc. Great rental return.
Would love to hear some feedback! This is my first foray into property (after a previous cancellation) so I want to make sure this time I make the right decision.
