Great cashflow in Popular Palmerston North
624 Church Street, Terrace End, Palmerston North - $425,000
In an up and coming area with annual POSITIVE cashflow $7,800 on 100% lending!
Freshly renovated with no work or maintenance to undertake.
Potential to convert the garage into a sleep-out.
This newly renovated, fully tenanted 5 bedrooms, 2 bathroom home is situated close to amenities in the suburb of Terrace End. The upside of the property is that there is no deferred maintenance and cash flow from day one of ownership with a fixed term tenancy until 1 June 2018.
Going forward the new owner has the opportunity to stay in the lucrative student market or convert to a more standard tenancy, which is also cashflow positive. Contact Hadley for more details.
There is potential for further development of this property by adding an additional en-suite into the master bedroom and conversion of the double garage into a sleep-out, subject to council consents, that could significantly increase yield and equity further. The vendor has already done some work on this and full details will be made available to interested purchasers.
- Current rental return for the property $770.00 x 52 Weeks = $40,040
- Outgoings (Borrowing the 100% at $425,000 at 4.75% on an interest only loan.)
- Interest only: $20,188
- Rates: $2,322
- Insurance: $1,356
- Property Management: $3,913
- Other outgoings: $4,416 (Power capped at $350/m, Closest to this has been $230/m and internet $68/m)
- Cashflow: $7,795
The newly improved Terrace End shops are situated within 400m of the property, bus stop to Massey University, Ucol and the city centre is located within 450m. For medical students the hospital is 2km away and the airport 3.9km for aviation students. The location is extremely practical for all tenants no matter where the tenants are studying or working.
Licensed Salesperson - REAA 2008
022 033 6962