Why has no one bought this?

Note the word "Potential". Maybe vacancy rates are high in that area or there just isn't the demand for this particular type of accommodation?
A
 
The home is set on a wide frontage block and has a potential combined rental income of approximately $400 per week.

As mentioned, the words potential and approximately in the same sentence could mean anything.
It may not even be approved for dual occ.

I'd be comparing the price of this with other ordinary and similar 3 bedroom dwellings in the area to see if it looks good.
 
OK firstly it is not a dual occ. It is a 2brm house upstairs with a non-council approved 1brm flat downstairs.

We buy a lot of houses and granny flats for investor clients seeking yield - so nothing wrong on that front. At $400pw combined (which is about right @ $220 house +$180 flat) it is only a 7.3% gross rental yield. That is OK but it is not great. For older property like this we'd expect over 8% yield.

Then there is the set up:
I don't like upstairs / downstairs as there is noise transmission floor to ceiling. Upstairs has polished wood floors so unless the downstairs flat tenant is deaf, then it will be an issue.
There is no way to fence off separate yards for each tenant.
LL's will be up for utility costs. There is really no easy way to separate the electricity when it is upstairs/downstairs like this.
Sames goes for hot water - it will be shared.
Then there's Buff Point.......mmmmmmmmm.

There is more but that is the gist of why it hasn't sold I think. ;) You just reminded me of why we go to so much trouble when sifting through these kinds of properties.

Let's just say that there are better options around.
 
Didn't Buff point/budgewoi feature in a top ten hot property area a few years back??.

I think you're right. My personal preference would be for Budgewoi over Buff Point. Budgewoi has been a bit of a sleeper but it has many waterfront properties, properties with waterviews etc and is close to pristine beaches (easy walk). It also has a coffee / cafe culture emerging and IMO is undervalued at present. ;)
 
Thanks for that, but I saw a brick one (not flat fibro like this one) for the same money, in a street that does not flood when the creek breaks its banks :eek: just last week.

You need to leave the property selections to us professional BAs. :p:p:D

Note to self: Zhouse01 is starting to know too much............
 
Thanks for that, but I saw a brick one (not flat fibro like this one) for the same money, in a street that does not flood when the creek breaks its banks :eek: just last week.

You need to leave the property selections to us professional BAs. :p:p:D

Note to self: Zhouse01 is starting to know too much............

Wow what a great feature, self watering garden :p
 
I think its nestled between the creek and busy Scenic drive.
I doubt you would hear the water for the road noise.
 
Back
Top