Please state your return

Last prop I bought at the very end of June.  Was listed for $330,000 but that was overpriced cos it was neglected.  Grass was hip height etc.  At the state it was in it should have been listed at about $300,000.  We could tell the vendors didnt care cos it was in such a bad state – so made a ridiculous offer they accepted.

1. What was your ROI?
Not taking rent profits into consideration:
Paid $250,000.  Renovations $12,000.  Just got it appraised for $320,000 – $330,000 last week.  so about $80,000 in created equity in 2 months.

2. Ongoing cost/profit of the property?
IO mortgage payments are $800 a month as it is only a $200,000 loan.  Rent return is $1360 a month.

3. Length of time held?
two months

4. Value of property
$320,000 – 330,000

5. How much did your property increase by in the last year (%)
no idea before I bought it

6. Was the increase due to renovation/appreciation/both
was due to buying under the market value because first home owners were turned off by the mould, ripped curtains, poo all over the inside of the toilet (yep got professional cleaners in cos i wasnt gonna touch it) and yards.

but although the house is positively geared there is heaps of potential for capital gains as well.  its a big 830 square metre corner block.  its right in town – u can walk to everything.  within a 1 block radias is McDonalds, TAFE, post office, 2 bus stops, catholic primary school, catholic high school, servo, corner store.  within 2 blocks is the CBD with Coles, cinemas, cafes etc.

and mackay has a great positively outlook for the next 5 years so we are happy to sit on this 

This was in Mackay, QLD.