Affordable and with great upside in Rotorua

194 Sunset Street, Mangakakahi, Rotorua - $235,925

Looking to kick start your portfolio in 2018?

How about a solid, affordable, cashflow positive investment property with a bus stop just outside the door. Rent as is or turn the two large bedrooms into three for more return.


Highlights:

Property Features: 2br 1ba Home

  • Price: $235,925
  • Gross Yield: 6.6% to 6.9%
  • Capital Value: $178,000
  • Rental Status: $240 p/w
  • Rent Appraisal: $300-$315 p/w
  • Annual Rates: $2,231 p.a
  • Estate Type: Crosslease (Freehold)
  • Floor Area: 100 m2
  • Land Area: 1/2 x 827 m2

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Additional Information

This solid weatherboard and tile home in a popular rental area is a rare find at this price. In fact, Mangakakahi has recorded capital growth of 63% in the last two years with a median sale price now of $326,000.

The rental assessment is $300 -$315 per week meaning the property should return a handy yield of just under 7%.

The house has two large bedrooms which could potentially be divided into three smaller ones to increase rent. We can help you assess the costs and benefit of this approach during due diligence. With the average sale price for a 3 bedroom over $300K this appears to be a great way to add equity as well as yield.

There is a well appointed kitchen where your tenants will appreciate the gas hob and wall oven, plenty of bench space and a dishwasher. Gas also heats the water which, with a complaint wood burner, makes for a low cost combination.

The kitchen opens on to a generous dining area and then a separate, also spacious, living area. There are super-sized and there is plenty of built in storage throughout the house.

The floor coverings are in excellent condition with near new carpet and the bathroom has a bath with tiled surrounding wall and shower above and there are two toilets which is a highly prized feature not found in most rentals.

As a rental purchase for under $250,000 this property ticks a lot of boxes.

Leave it as is and enjoy the rental return or add value through the addition of another bedroom and take the rent up another notch.

Amenities

Zoned for popular John Paul college and with a number of early childhood and primary schools within close proximity.

There are also good spaces for recreation including Linton Park East and Pullar Park East.

The property is on a bus route to town and close to local shops.

Margie Macalister
Licensed Salesperson - REAA 2008

margie@ifindproperty.co.nz
027 435 0139

Contact us about this property

Agent Contact Details

Margie Macalister
Licensed Salesperson - REAA 2008

margie@ifindproperty.co.nz
027 435 0139