Check out this smart property investor recommendation. 12.5 km from CBD, with the ability to create real value and or satisfy growing family requirements or sub-divide and develop a second dwelling. This is a pre-war home with some money to spend on initial repairs. Located in a quiet street comprised predominately of pre and post-war timber and contemporary homes. Well kept home for investors or buyers on a limited budget, but located still relatively close to the CBD, shopping districts and conveniences.

This property is a smart buy because of its:

Location:

• Approximately 12.5km from Brisbane CBD
• Close proximity to neighbourhood shops, schools, cafes, train station and parks
• Moderately leafy, quiet suburb predominantly owner-occupied with families
• Land area – 810 m2 on 2 parcels

Considerations

The following items which I have identified will require immediate attention:

• Replace a portion of the roof guttering – Budget approximately $1000
• Bring pool back to useable standard i.e. requires cleaning
• Function and condition of pool equipment is unknown
• Small portion of timber rot is present
• The exterior facade would benefit from painting – Budget approximately $10,000
• Questionable if pergola is council approved and fall of roof sheeting requires attention

Construction and fit out:

• High set pre-war home with 2 bedrooms, 1 bathroom, 2 car accommodation
• South-easterly aspect
• Polished timber floors and painting in fair condition
• Semi modern kitchen and bathroom
• No built-in cupboards
• No insect screens
• Plenty of storage under the home for tenants to settle in long term
• Predominately timber vertical jointed timber linings internally (i.e. minimal asbestos)
• Concrete stumps, predominately copper plumbing and modern cabling (no need to replace going forward).

Growth potential:

• Home is sub dividable. Existing home is pre-war which would be required to be retained and moved into position allowing a second home to be constructed
• This home can potentially have the dining room enclosed to create a third bedroom

Fundamental figures:

• Rental return  – Still waiting on rental advice from sales agent
• The immediate location for unrenovated post-war homes has seen 26 % growth in the last 5 years.
• Local authority rates approximately – unknown

Transit times (approximate)

Brisbane CBD

• Car – 25 mins
• Bus – 60 mins
• Train – 39mins

Nearest train station

• Walk – 5 mins

Local Amenities

• Second tiered shopping centre (Woolworths/Coles/strip shops/cafes) – 5 mins
• Hospital – 16 mins

Value for money:

• a subdividable parcel of land already on 2 lots
• Minimal asbestos located internally, with most wall and ceiling linings being timber lined throughout

Suitable for:

• Property investors
• Developers