Granny flats duplex.

I've made an offer on a duplex in the Hunter valley NSW. I went to view them last week and thought they were such a good idea.
It looks to me that they are two two bedroom granny flats,mirror image, side by side with a lined roof between them for a double car port. Very neat and tidy and only about 4 years old.
That got me thinking,what about buying a block of land and building to the same design?
Problem is I can't see to find any similar designs on the net or find a builders web site in the Hunter area. Could anyone recommend a good site or a builder for this sort of project.
 
I saw them they in D??

They look good, but the numbers dont work... I wish I could move that to one of my properties :)
 
Hi Nathan... I'm curious as to how you work out your numbers... I'm assuming that the yield that they had advertised, ie. 6% was too low for you?

Cheers,
Lisa
 
For regionalarea of this size I would want 9%+ for 6% it wouldnt even cover mortgage payments.

If I was getting a major equity gain of $50-100k straight up no reno id accept that but whatrs the point of buying on this yield?
 
Dylan, I've had a look at them (on the net) and they look prefabricated.
If you take a stack of photos and take them to one of the prefab manufacturers, you'll get an idea of how much it costs to reproduce them elsewhere.

Their design is very common prefab, and I've seen things like this in Qld mining towns and Sunshine Coast retirement villages.
 
Nathan said:
For regionalarea of this size I would want 9%+ for 6% it wouldnt even cover mortgage payments.

If I was getting a major equity gain of $50-100k straight up no reno id accept that but whatrs the point of buying on this yield?

Thanks Nathan. It's always great to get an insight into the minds of successful property investors. :) You mentioned that you might accept this deal if you could get a major equity gain of $50-100k, without a reno. By this do you mean buying $50-100k below market value?

Cheers,
Lisa
 
Yep this is correct Lisa.

It does look like its priced half decnt for what it is, just if yields could be bumped thats the main key. Because depreciation would be very nice on it too :)

It would be hard to say what market value of this one could be...
 
Nathan. Are you going purely on what the asking price is and the rent at present? Are you taking into consideration offering lower and upping the rent, Also what about the depreciation?

BTW the council want $50 to tell me what the rates are. Lol.
 
Nathan. Are you going purely on what the asking price is and the rent at present? Are you taking into consideration offering lower and upping the rent, Also what about the depreciation?

BTW the council want $50 to tell me what the rates are. Lol.

LoL, councl sound like idiots then... on serious noe just get agent to ask vendor what rates are?

I am working on that, and with closer review it could look better if you get PP lower, and raise rents. I am usure of what the area will support without having a lot more of my DD on it.

It does have potential if you can move these figures to your advantage.
 
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