MARGATE – House #2
Purpose of Purchase: Investor
Property Type: House Single storey Brick -405msq block of land, walk to water, beaches and shops.
Purchase Price: $380,000
Yield & Rental Info: Periodic tenancy @ purchase paying $335 p/wk, negotiated to $360 p/wk just after settlement resulting in yield of 4.9%. Annualised growth of 3% p/a will make this a very solid and profitable investment.
How this purchase met the clients brief:
- After set and forget- Under budget
- Good growth area with reasonable rental yield
- Ability to add value also desired
Investor came to us to ask for a property that will appreciate in value but also allows them to manufacture equity through renovation. Instructed that it also proves sustainable with rental income- so low maintenance is important.
We bought this 3 bedroom home well under clients budget.
The property is situated within walking distance to beaches, schools and shops and is very tidy internally.
A classic set and forget with renovation potential.