Main house is in reasonable original condition, and is currently rented for market rent at $470 p/w as is, has a large double garage.
Two, 2 x bedroom dwellings built in the 1990's to the rear of the house with their own enclosed carports, attached. One needs a heatpump and a vent in the shower.
This is a solid balanced investment generating cashflow from day one, with scope in the future to possibly put each dwelling onto its own title (subject to council approval).
With a GY of 7.3% in a booming Napier market with tight supply where cashflow is fast disappearing and its difficult to secure anything over 6% gross yield, this property is a great find, in a decent suburb close to town, it represents smart buying.
From the Added Valuation website:
"Marewa is a diverse suburb comprising a mix of standard residential homes, well regarded Art Deco areas and a mix of tidy and less sought-after pockets of state housing. The suburb benefits from several parks and reserves and close proximity to the Napier central business district.
The suburb experienced relatively sustainable value growth between 2010 and 2015 and has kept pace with the wider market during the current period of strong value growth in Napier."
Contact Lauren by email to find out more about this outstanding opportunity.