🏡💥🤟 BOOM, ANOTHER PURCHASE....DECEASED ESTATE...PURCHASE #28 by Easy Buyer's Agent. Asking price: FROM $199,000. Purchase price: $175,000. Property is sitting on a land zoned R80 with size of 657sqm. It has the potential of doing 5-unit development. Read on.
Our client is an Aussie Expat Investor who resides in the U.K. They are looking to expand their property portfolio with positive gearing properties that have potential value add.
🏡 PROPERTY STORY:
This property is very interesting. One reason is because the asking price alone (FROM $199k) is arguably already below market for the suburb. As we dig further, we found out that the property's owner has now passed. The will executor was selling it. Using negotiation tactics, we managed to buy this for $175k, more than 10% discount on the asking price.
Onto the potential. This is a 3-bedder half-duplex sitting on a 657sqm land with R-80 zoning. Meaning, there is a potential 5-unit site that can be developed on the land. But, more than the development potential, the owner of the property was actually a builder. When we inspected the property, we could definitely feel and see the quality of the finishings such as color selection, high ceiling, etc.
Based on the rental market analysis, this property can be rented out for at least $250/week which makes it a 7.43% gross yield positive gearing. Further cosmetic work can also be done to further improve its value. After all, 3-bedders in the suburb have sold for at least $240,000. Talking about below market purchase.
To summarise, our client was looking for positive gearing property that has potential value-add. This property has it all:
- Development potential with R80 zoning
- Potential cosmetic renovation
- Way below market purchase
- 7%+ gross yield positive gearing
- It is located literally 2-minute drive from a lot of local amenities, businesses and schools
PS: The next logical move for our buyers is to get in contact with the other half-duplex owner to sell the property to them. Why? Because it will then make our buyer the "Ultimate Landlord" holding in excess of 1200+sqm of land in R80 zoning for positive gearing. Watch this space, because it is coming!
🏡 What criteria do you apply when you buy property? Here at Easy Buyer's Agent we don't just look at properties from one angle. We apply multiple strategies and criteria to ensure the property we purchase is indeed "valuable". More than that, we have access to off, on, pre, post market deals as well as deceased estates, mortgagee possessions and motivated vendors.
🏡 Looking to buy property in the WA Market? You know who to call. Our Buyer's Agency service is one of the best in the state. Give us a call for free consultation and let's just chat property.
Until the next purchase! Peace.