House in Queanbeyan

Hi all, I would appreciate any advice on a house that I have found and am interested in.

It is located in Queanbeyan, two minutes walk to the main shopping centre, on a 750 m2 block. It is zoned 2c. The house is quite foul, it is a three bedroom cottage type brick veneer requiring work and a big clean up. Would need a full new kitchen, paint and carpet. It is tenanted until May 2011 at $415 a week.

It is for sale at $450k, we offered $405k and they have come back at $420k, we haven't offered anything else yet. The plan would be to reno before the lease is up and then move in. We would then live in it for 18 months before moving away from Canberra/Qbyn in Jan 2013.

We are first home buyers and also looked at standard brick homes, 3 bedrooms, 1 bathroom on 650 m2 blocks but not in as good location for around $440k.

Does anyone have any thoughts? TIA
 
A bit of time on www.allhomes.com.au should be able to give you some previous sales for the property and/or others in the street area you're looking at. Previousl sales info is trickier to find for Queanbeyan - best way is to google the address.

If you really like the place and are within $15k of an agreed price, why not counter offer with an extra $5-10k? We're talking a very small differential relative to overall purchase price.


Reno before lease is up sounds optimistic, especially if it involves kitchen and/or bathroom. You'd need the best tennant in the world (or more likely some very generous rent reductions) to get away with that.
 
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