Currently I have bought a house in Penrith CBD, and it’s the small cottage in a 650+sqm block. Although the vendor has done the fair renovation on the property, the potential rent is just around $400 – 420 per week (of purchase cost in low of 600k). Original I thought about converting the current garage to studio/1 bed room or generate more living space or facility for tenant (would cost 300k – 500k, if 2 beds room granny flat will cost 100k+), in order to increase weekly rent to cover the interesting payment. However, after consulting from council, I am informed we can build the duplex (either detach or attached) on site and may be subdivided to the strata title in near future.
What’s your guys suggestion on my investment strategy right now? Thanks.
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