G'day boys and girls,
Some of you may or may not know we are building a PPoR atm, and it looks as though we are going to need more funds in order to finish it off to a standard that we would like; not a budget finish of elcheapo fittings and fixtures.
On top of that, our overall cashflow position is somewhat at a not so good stage right now; we need some cash...
So, we need to offload some IP's, and one of them in particular - I believe - would be a good buy for someone who is starting out, or needing a good cashflow IP.
Here is the story of it:
Address: 3/59 Roberts st, Kalgoorlie. Built 1991 from memory (depreciation
).
We have owned it since 2003.
It is in a complex of 4, a 2x1 unit with a courtyard and SLOG in Kalgoorlie; not too far from the main drag. Brick construction and airconditioned.
Body Corp fees of $1406.60 per year (includes sinking fund)
Council rates of $1384.89 per year,
Water rates of $130.20 per year (plus tenant usage).
Management fees of $119.90 per month. (fees in WA are a disgrace)
Currently tenanted for $240 per week, which is well under market.
It needs work. If it was in normal condition, it would be worth approx $200k, according to the PM. My research of similar properties confirms this, but please do your own.
But, it needs about $5-$7k of repair work done on it apparently, which we are not in a position to undertake right now.
So, based on this present condition, the agent believes it is valued at around $185k. However, it has been on the market for a month, with no offers so far except one - $150k cash in 30 days. Too low; even for us in our predicament. Not thast desperate. It is currently being offered at $179k.
It was tenanted at $270 p/w before the work was needed - about a year ago, and in my estimation it would immediately be able to rent for this amount or maybe more - approx $285 per week after the repairs are completed.
So, if you are interested and can manage a decent, serious offer with a short settlement, I would like to hear from you.
Please feel free to fire any questions at me you want, and I will respond, or if I can't I'll contact the agent for the answers.
Some of you may or may not know we are building a PPoR atm, and it looks as though we are going to need more funds in order to finish it off to a standard that we would like; not a budget finish of elcheapo fittings and fixtures.
On top of that, our overall cashflow position is somewhat at a not so good stage right now; we need some cash...
So, we need to offload some IP's, and one of them in particular - I believe - would be a good buy for someone who is starting out, or needing a good cashflow IP.
Here is the story of it:
Address: 3/59 Roberts st, Kalgoorlie. Built 1991 from memory (depreciation
).We have owned it since 2003.
It is in a complex of 4, a 2x1 unit with a courtyard and SLOG in Kalgoorlie; not too far from the main drag. Brick construction and airconditioned.
Body Corp fees of $1406.60 per year (includes sinking fund)
Council rates of $1384.89 per year,
Water rates of $130.20 per year (plus tenant usage).
Management fees of $119.90 per month. (fees in WA are a disgrace)
Currently tenanted for $240 per week, which is well under market.
It needs work. If it was in normal condition, it would be worth approx $200k, according to the PM. My research of similar properties confirms this, but please do your own.
But, it needs about $5-$7k of repair work done on it apparently, which we are not in a position to undertake right now.
So, based on this present condition, the agent believes it is valued at around $185k. However, it has been on the market for a month, with no offers so far except one - $150k cash in 30 days. Too low; even for us in our predicament. Not thast desperate. It is currently being offered at $179k.
It was tenanted at $270 p/w before the work was needed - about a year ago, and in my estimation it would immediately be able to rent for this amount or maybe more - approx $285 per week after the repairs are completed.
So, if you are interested and can manage a decent, serious offer with a short settlement, I would like to hear from you.
Please feel free to fire any questions at me you want, and I will respond, or if I can't I'll contact the agent for the answers.
