Time to start changing it up a little bit for some cash flow for me.
My next purchase NEEDS to be high yielding. So I?m thinking potentially 70s 80s style duplex that needs some work (very surprised at how well recent reno?s have turned out and the price we did it for) and also has granny flat potential. Looking in established Suburbs of North Perth say Duncraig/Carine/Hillaries/ Balcatta all have the type of thing Im looking for.
My rough numbers are
Initial purchase - 350-450K depending on condition Say 400K
Reno - 15K (This is substantial more than we just spent on a full Reno. We would be doing all the work ourselves)
GF build - 80K (Also mostly done myself)
All up - 500K
Front unit should rent for 400pw rear GF 350 = 750pw
500K @ 5.5% = 2250pm
750 = 3000pm
Starting to look ok. question I have is do you think people would want to rent something like this? I mean we where sub leasing a room in a rental for 200pw I Darch and never had a problem filling it and that is far from a convenient suburb with all amenities close by!
Thoughts?
My next purchase NEEDS to be high yielding. So I?m thinking potentially 70s 80s style duplex that needs some work (very surprised at how well recent reno?s have turned out and the price we did it for) and also has granny flat potential. Looking in established Suburbs of North Perth say Duncraig/Carine/Hillaries/ Balcatta all have the type of thing Im looking for.
My rough numbers are
Initial purchase - 350-450K depending on condition Say 400K
Reno - 15K (This is substantial more than we just spent on a full Reno. We would be doing all the work ourselves)
GF build - 80K (Also mostly done myself)
All up - 500K
Front unit should rent for 400pw rear GF 350 = 750pw
500K @ 5.5% = 2250pm
750 = 3000pm
Starting to look ok. question I have is do you think people would want to rent something like this? I mean we where sub leasing a room in a rental for 200pw I Darch and never had a problem filling it and that is far from a convenient suburb with all amenities close by!
Thoughts?