To source a property that was suitable for a Rooming House
Client Brief: A high positive cash flow property that will pay down it’s own debt once set up as a Rooming house.
The Upside:
The property had been rezoned and the block could be subdivided. The client spent money on renovations (approx $35k) and added another bedroom and bathroom as well as some cosmetic renovations and fire/ safety compliance features)
Property Details:
- 4 bedrooms
- 2 bathrooms
- 1 carport
Backyard can be subdivided in the future and will return $200k.
Built 1983
Purchase price: $415k ( + $35k)
Rent: $790 per week
Yield: 7.8%