Hi All,
Just thought I will share with everyone here my latest in outer -east Melbourne(Boronia). Well it’s under offer pending the usual Building and Pest Inspections:
http://www.realestate.com.au/cgi-bi...eader=&c=47315986&s=vic&snf=ras&tm=1194957121
2*2Bedrooms villa units on single title. Indication that I have received from the Council are that there should not be major issues in subdividing but I will need to get a surveyor to the make the plans etc since the original Building and Planning permits are not available with the vendor. Council rates are seperate for both the units.
Current Rental = 170+180pw = 350pw
Current Market Rental = 220+220 = 440pw. (In as is condition)
The units are re-rentable as is but I will be spending upto 2K each as and when they become vacant to push the rental.
The block is approx 1000sqm(absolutely level) but there is no chance of further development due to the zoning restrictions(Dand'g foothills). I obviously did this due diligence before making the offer. So my offer was more on what is there currently. Any other improvements or innovations that I can do to increase the income will be purely bonus. There is approx 500sqm flat land at the back with car access. So one possibility might be there to convert the garages into 3rd bedroom for each unit and construct carports at the back. There are a few possibilities like this but I haven’t thought about them in detail.
As for the price: I paid 401K. As always any comments, opinions, warnings, suggesstions are always welcome.
Thanks-
Just thought I will share with everyone here my latest in outer -east Melbourne(Boronia). Well it’s under offer pending the usual Building and Pest Inspections:
http://www.realestate.com.au/cgi-bi...eader=&c=47315986&s=vic&snf=ras&tm=1194957121
2*2Bedrooms villa units on single title. Indication that I have received from the Council are that there should not be major issues in subdividing but I will need to get a surveyor to the make the plans etc since the original Building and Planning permits are not available with the vendor. Council rates are seperate for both the units.
Current Rental = 170+180pw = 350pw
Current Market Rental = 220+220 = 440pw. (In as is condition)
The units are re-rentable as is but I will be spending upto 2K each as and when they become vacant to push the rental.
The block is approx 1000sqm(absolutely level) but there is no chance of further development due to the zoning restrictions(Dand'g foothills). I obviously did this due diligence before making the offer. So my offer was more on what is there currently. Any other improvements or innovations that I can do to increase the income will be purely bonus. There is approx 500sqm flat land at the back with car access. So one possibility might be there to convert the garages into 3rd bedroom for each unit and construct carports at the back. There are a few possibilities like this but I haven’t thought about them in detail.
As for the price: I paid 401K. As always any comments, opinions, warnings, suggesstions are always welcome.
Thanks-
