Im just having a sticky beak at this property, as it was highly recommended by the agent,
Was wanting others opinions on this one, as its got me puzzled
Link:
http://www.realestate.com.au/property-house-vic-ballarat-109367326#
Firstly, un rennovated 3bdr properties of this block size (400sqm) can go at present for anywhere between $180k and $230k,
agent claims it has been rental appraised at $500 per week,
The rennovations on this place are magnificant (according to photos), and its a 5bdr,
asking price is $375k @ $500 per week is 6.9% which is pretty good for this area without doing anything to it,
there is no value add potential but my question is properties that have had artificial increases, would this pose a good investment, I feel $500 pw assuming its fair, to find a tenant willing to pay this much might be risky, also the fact that the block is small, location is good, and above median price (I assume) it would be a poor investment for a hold and buy strategy
Am I on the right track?
Was wanting others opinions on this one, as its got me puzzled
Link:
http://www.realestate.com.au/property-house-vic-ballarat-109367326#
Firstly, un rennovated 3bdr properties of this block size (400sqm) can go at present for anywhere between $180k and $230k,
agent claims it has been rental appraised at $500 per week,
The rennovations on this place are magnificant (according to photos), and its a 5bdr,
asking price is $375k @ $500 per week is 6.9% which is pretty good for this area without doing anything to it,
there is no value add potential but my question is properties that have had artificial increases, would this pose a good investment, I feel $500 pw assuming its fair, to find a tenant willing to pay this much might be risky, also the fact that the block is small, location is good, and above median price (I assume) it would be a poor investment for a hold and buy strategy
Am I on the right track?