$205,000 house in Sydney - Rent $360pw!

[Nathan]

I purchased this property in Mt Druitt 6 months ago for $205,000 and it rents for $360pw or nearly 10%. Unrenovated it was renting under my ownership for $320pw. The previous owner had it rented at $240pw. This is proof that deals are out there you just need to be proactive to find them and make them happen.

I spent $5,000 - $5,500 on renovation and worth $270,000 now.

The fun stuff is below.

Pics - http://binvested.com.au/205000-purchase-western-sydney-reno-5000-rent-360pw-new-value-270-290k/

Video
Before - http://www.youtube.com/binvested#p/u/5/HhmZY7Vcc5M
After - http://www.youtube.com/binvested#p/u/1/MAzWkTWivA0

 

[Piston Broke]

I recognise those power lines and i know that street, seems like a reasonable buy and good back yard.
But 270K current value is exaggerated.
And unless you sell it, you can't really claim "profit".

 

[murph14]

Nice toilet... for the flamboyant man.

Or feminist.

 

[Nathan]

Good point PB

I have it on market at present and had interest over $260,000 already. (I dont want to sell this, just that I need to fund a property purchase outright and this one has an insignifigant loan on it so I can redoploy funds) - Once again its out of character I sell, and will be like the 5th property I have ever sold.

Heaps of comparables on RP Data in streets beside it with same infringements selling for $270,000 - $320,000. I thought my price was pretty conservative.

 

[Piston Broke]

Surely you could just plonk a prefab in the back yard?
Or is local council adverse to such things?

 

[Nathan]

Surely you could just plonk a prefab in the back yard?
Or is local council adverse to such things?

Council allows this sort of thing, but not my style, takes too much effort dealing with council for a small reward. Yield is already solid on it also.

The one at Willmot I posted recently I will plonk one on though. That one opens up to a different 2nd dwelling option.