Our client was based in Auckland and looking for multiple investments - specifically a multiple income property and a trade.
The property was a condemned house valued at section value. Over the course of year, our client had completed a full renovation of the property before selling. Below are some photos of the property at purchase and after the renovation.
We originally sold him the property for $35,000 as it was a shell of building. He completely rebuilt the property including rewiring, re-plumbed, sub-floor work, walls and floors etc.
The property is in a good location within walking distance to town and all levels of schooling with many other good quality properties surrounding it.
The rental appraisal at the time of purchase, price factoring in remaining work the buyer needed to do, gives a yield of 6.8%. The property was a three bedroom 110sqm home and has potential for both a 4th bedroom and small minor dwelling on the rear of the property.
The vendor was happy to have made some money on the project and move onto another, while the buyer is happy with his new portfolio investment.
We were able to meet in the middle to make both sides happy!
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