Quiet a lot of questions.
WHilst its not for everyone, its a risk and I would never place a portfolio starter on this, it is a good little buy and hold with upsides.
It is in a block of a few hundred so you would need to expect to see a few for lease. The market is soft, but yet these things rent for $160pw easily. I will keep posted when rented.
It is something where I threw $20,000 at just because (it was actually my old XR6's funds which bought this).
It's is cheap, thats all it is the lowest sale ever, I am sure I could realist and get $45,000 on it out the door. Its just one I thought id do for kicks, and yes the market is crap but thats why I buy because there is no others buying. I want to buy below market value so it has a buffer in it. For no way would I pay $100,000 for this nor $50,000 and not even $40,000 but $20,000 is like the pair of shoes the Mrs needs to buy because they were too cheap. It does have its obvious flaws such as higher operating costs, part of resort and small unit etc.
It needs no renovation, only a kitchen sink installed.
I have a similar one in Sandown which I paid $85,500 for in earlier this year (2beds) and its rented for $200pw so the agent with $145pw needs to be shot for not looking after the landlords best interests.
This has risks like all investments and is not a blue chip property but its cheap, with below market purchase and cash-flow and is the cost of a second hand car and is in a desirable location so it does have upside also.
Nath.