Hi, I am just starting out and want to purchase my first IP in the inner west of Sydney. I've inspected a few places and I think I'm in a position to make an offer on a 2 bdr unit.
Can anyone shed their experiences on whether this particular unit is a worthwhile investment? I am aiming for maximum capital growth.
Based on my reading, these were the main criterion satisfied on selecting this unit:
-purchase unit as close to the median price as possible
-purchase unit as close to transport and amenities as possible, yet on a side street as to avoid noise
-purchase unit with < 12 units in same building
-potential for reno's to boost returns
However, these are some of the points I am most concerned about:
-Owner occupier appeal. The building and surrounds are a little run down. On the property, the fence on one side has fallen over and there is rubbish on the ground. On the street there are shopping carts left on street. Some of the houses on the street have been left to fend off the forces of nature on their own. Although this suburb is undergoing gentrification, it does not appear to have hit for this street and a couple of neighboring streets.
-Whether there are any other general pitfalls with investing in an older 1970s style block...since I intend to adopt the buy and hold strategy
Some stats for this particular unit:
$300k asking price
Currently tenanted for $270/wk
5 mins walk to station
2 mins walk to woolies
Thanks for reading =)
Can anyone shed their experiences on whether this particular unit is a worthwhile investment? I am aiming for maximum capital growth.
Based on my reading, these were the main criterion satisfied on selecting this unit:
-purchase unit as close to the median price as possible
-purchase unit as close to transport and amenities as possible, yet on a side street as to avoid noise
-purchase unit with < 12 units in same building
-potential for reno's to boost returns
However, these are some of the points I am most concerned about:
-Owner occupier appeal. The building and surrounds are a little run down. On the property, the fence on one side has fallen over and there is rubbish on the ground. On the street there are shopping carts left on street. Some of the houses on the street have been left to fend off the forces of nature on their own. Although this suburb is undergoing gentrification, it does not appear to have hit for this street and a couple of neighboring streets.
-Whether there are any other general pitfalls with investing in an older 1970s style block...since I intend to adopt the buy and hold strategy
Some stats for this particular unit:
$300k asking price
Currently tenanted for $270/wk
5 mins walk to station
2 mins walk to woolies
Thanks for reading =)
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