Location Blue haven NSW
Price 280k…… Purchase price will be 260k
3 bed 1 bath 1 garage, Brick house. Modern kitchen , Great condition, around 6-7 yrs old, REnt will come in at 280 per week.
PLease tell me everything about this area if you know anything special or something good about this area/region
Hi,
A mate of mine purchased a rental property in that area about 6 or 7 years ago just before the property balloon burst, its taken until now for the value to claw its way back to the original purchase price so I guess capital growth isn’t great there.
Also, I have another friend who works in probation and parole in that area and he tells me all the time that there are more people on home detention and parole on the central coast than any other area in NSW; probably worth taking that into account as well
Mark
Keep it tenanted and you’ll do ok and I guess price tells the story and 100% of a second ip is better than 0% of a second property !!
Also check out realestate.com a couple of properties close to the water at tuggerawong $319000 maybe you can talk em down. Good luck either way mate……
i checked some houses near the water they smell, they old and they need some TLC, the house i chose is practically BRAND NEW. Soon as i walked in im like " I would live here" . Nice and modern fresh fluffy carpets modern kitchen and bathroom .
We have purchased in there for clients before. There is the new part and the older part. Capital Growth historically has tracked that of Campbelltown in Sydney. You can get a suburb profile for free from RP Data here: http://www.myrp.com.au/showProductDetail.do?reportTypeId=1&propertyId=
Buying an unappealling place and doing a reno is a quick way to add value, and add to your rental income.
Everyoine else wants to buy the clean modern place too.
So maybe the one which needs new carpets may be a better investment.Trick of success will be, getting a quality tenant. I'd be screening agents carefully, before asking them to manage any property.
Especially in a lower socio-economic area. (Which usually gives better returns, so can be worth it.)quickchick
What's the price difference between the nasty and the pretty property?
May be a chance to get some equity (as other poster mentioned).
Are you buying this property or just looking? Seems funny that you don't know about an area you are going to buy in.
What's the vacancy rate like? Yield isn't wonderful so I'm guessing $260K is under market value? As opposed to under asking price (maybe the asking price was just too high). Doesn't mean it's a bargain.
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