I have a little dilema... unsure what to do with 2 IPs I have.
First IP is 4 x1 on 2700 sqm. Currently tenanted for $235pw (increase to $250 in next few weeks, not on lease and could get more with a tidy up).
Next IP 4 x 2 on 1600 sqm. Not tenanted, and needs at minimum new paint, new carpet, new shower screen, and I believe new back door. Rent $250 - $280 pw.
Here is the twist, these are neighbours, so effectively 2 x 4 bedders on an acre. Lots of possibilities - easy subdivision 4 x 1000 blocks keeping houses. More possibilites 5 x 800 blocks (?) or push the council's boundaries(and neighbours) and go for multiple townhouses.
We had planned to reno 2nd and tenant and subdivide and see what the market is doing, but our situation doesn't allow us to do the reno until December, and unsure about long distance reno thru PM.
We have a couple of investors from Sydney (anyone here??) sniffing about for the last 6 weeks (silently through an agent), and apparently are very very keen, but taking too long - either we sell now, or hold on (I think)
The IPs are in Scone NSW 2337
The property across the road recently sold for $315k original condition, converted the garage to another bed or lounge and had pool. appx 1000 cnr block.
We are prepared to sell for around the $650k mark, which we believe leaves some good $$ to be made. Rough calcs - after subdivision costs (change from $40k) and reno allow say $10k and $10k refresh first = $710k (leaving out stamp duty and legals). You could have 2 houses worth appx $350k each plus 2 x 1000 sqm blocks worth appx $120k each. $940k appx.
Of course, there is also the option of developing the blocks which would push the numbers up even higher.
We know this one is worth holding onto, but we aren't prepared to do a "long distance build" and our selling price gives us a decent "$ in our pocket" which we can put into a reno IP closer to home.
So that is our dilema - what to do with these IPs.
Any suggestions or advice would be greatly appreciated.
Sunshine
First IP is 4 x1 on 2700 sqm. Currently tenanted for $235pw (increase to $250 in next few weeks, not on lease and could get more with a tidy up).
Next IP 4 x 2 on 1600 sqm. Not tenanted, and needs at minimum new paint, new carpet, new shower screen, and I believe new back door. Rent $250 - $280 pw.
Here is the twist, these are neighbours, so effectively 2 x 4 bedders on an acre. Lots of possibilities - easy subdivision 4 x 1000 blocks keeping houses. More possibilites 5 x 800 blocks (?) or push the council's boundaries(and neighbours) and go for multiple townhouses.
We had planned to reno 2nd and tenant and subdivide and see what the market is doing, but our situation doesn't allow us to do the reno until December, and unsure about long distance reno thru PM.
We have a couple of investors from Sydney (anyone here??) sniffing about for the last 6 weeks (silently through an agent), and apparently are very very keen, but taking too long - either we sell now, or hold on (I think)
The IPs are in Scone NSW 2337
The property across the road recently sold for $315k original condition, converted the garage to another bed or lounge and had pool. appx 1000 cnr block.
We are prepared to sell for around the $650k mark, which we believe leaves some good $$ to be made. Rough calcs - after subdivision costs (change from $40k) and reno allow say $10k and $10k refresh first = $710k (leaving out stamp duty and legals). You could have 2 houses worth appx $350k each plus 2 x 1000 sqm blocks worth appx $120k each. $940k appx.
Of course, there is also the option of developing the blocks which would push the numbers up even higher.
We know this one is worth holding onto, but we aren't prepared to do a "long distance build" and our selling price gives us a decent "$ in our pocket" which we can put into a reno IP closer to home.
So that is our dilema - what to do with these IPs.
Any suggestions or advice would be greatly appreciated.
Sunshine