Is this a good investment in Prahran? Thanks.

I 've been looking for an IP in Mel for couple of months. Just spotted this porperty in Prahran:
http://www.realestate.com.au/property-apartment-vic-prahran-106048185

Location is OK, Cash Flow is fantastic(400+ per week to student only) but CG looks not too good.

I aslo checked the same porperty sold 2 months ago :
http://www.realestate.com.au/property-unit-vic-prahran-106449266

The agent didnt mention any student accommodation in the ad n the unit was sold for 318K, just got confused coz these two units are in the same building n on the same floor, the prior got better floor plan ( with a baconly) but with lower asking price(300k).

Is that possible the building was built partly for residential and partly for student accomodation?
 
Hi there,
From an Investment point of view, $300k is obviosly good for such a location.
Positive being so close to amenities.
Rooms are small but there are two and the price reflects this, but you should not have a problem getting $350 per week.
One thing to consider is whether you would be planning to supply a furnished apartment for rent. (This helps alot for overseas students) and allows you to utilise the space efficiently.

Are you looking to make any changes to Kitchen area? These don't have to cost alot. But add good value.

Lastly, you never know why something is sold, everyone is in a different position and you may be getting a good price based on the lack of Interest in the market while people wait for Reserve Bank figures and Election to be over to re-evaluate there positions. Best of Luck. SEAN
 
I 've been looking for an IP in Mel for couple of months. Just spotted this porperty in Prahran:
http://www.realestate.com.au/property-apartment-vic-prahran-106048185

Location is OK, Cash Flow is fantastic(400+ per week to student only) but CG looks not too good.

I aslo checked the same porperty sold 2 months ago :
http://www.realestate.com.au/property-unit-vic-prahran-106449266

The agent didnt mention any student accommodation in the ad n the unit was sold for 318K, just got confused coz these two units are in the same building n on the same floor, the prior got better floor plan ( with a baconly) but with lower asking price(300k).

Is that possible the building was built partly for residential and partly for student accomodation?

if u want an investment that loses value and u can't resell than this looks a perfect opportunity
 
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