Purpose of Purchase: Expat- Repeat Investor Client
Property Type: House Single storey Brick -405msq block of land, close to water, beaches and shops.
Purchase Price: $380,000
Yield & Rental Info: Vacant on purchase but we secured a tenant from the 1st open house a week prior to settlement. We arranged for an aircon install and new carpet to be fitted prior to the tenant moving in. Vacant time in total was 7 days.
Leased @ $375/week resulting in a yield on purchase of 5.13%
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
This repeat client residing in the UK asked us to look for a well located property that will appreciate in value in the long term and will also prove to be attractive for long term tenants.
Whislt the clients were prepared to make minor improvements for the sustainable letting of the property an emphasis was also to be on property that would require low maintanance.
We bought this 3 bedroom home under the clients budget and also well under market value.
The property is situated within walking distance to beaches, schools and shops and has access to a park at the rear of the garden.
A classic set and forget with future renovation potential.