I bought established house 350k on 1012 m2 block currently rented for 850 pw furnished, in Miles one dwelling per 300 m2 is allowed. Building 2 x 4br dbl storey townhouse development at rear of block, due for completion mid Nov. Going to rent them all out, maybe sell one in a year or so.
Did you find any difficulty renting out the existing house? Or do you expect to find any difficulty renting out the town houses with an increasing vacancy rates for miles at the moment? That is my biggest fear .I won't be able to afford to pay the mortgage if the house is vacant for few months.my strategy in this investment is a positive cash flow as I already have another one negatively geared in Melbourne with a huge potential of capital gain down the track.