Which property would you choose ?

We are looking to buy properties with dual och potential. Interested on the opinion of people who have done this before. Which would you choose? Both are the same price.

1. 840 m?. 15mx 40 ish. Too small to subdivide but can do dual occ. On a slope -20-30 deg. 15 m wide frontage which is the council minimum for Dual occ. in an area which council is just starting to gentrified. Very close to a good shopping area. Slummy but signs it will change. Risk how long till it changes? Positives the house is renovated and three bedder with a lock-up garage which is what the renter for that area wants. fully renovated.

2. 645 m2. A 2bed house no work to do on a corner block in Familyville so should rent ok. 8 m at narrowest and 25 at widest. Existing double garage could become a granny flat. Probably could not build a dual occ because the land is so narrow at the undeveloped area.. Advantage for us at this time is that the garage could become a granny flat and it would be cheaper than building another house as it already has the separate driveway concrete slab 50 m? and some plumbing and a quality colour bond shed is in place - so some things are already done.(so we would get another income stream quicker than the other place. Cons: it's only two bedroom house. The average renter in the area would like three bedder. It means that the initial rent would probably be $20 less per week than option one house.
 
I'd go for the better location.
Would also avoid the irregular sized block.

Block 1. 840m - 15m x 40ish ? Even 15m x 49m is only 735m, so something does not add up.
Is the slope to the street or to the back?
 
Thanks. After writing that post I realised that option 2 was not really an option. Seems others agree - thanks for posting.
 
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