[SOLD] Dual Income with Potential 8% Gross Yield
14 Hannah Road, Hannahs Bay, Rotorua - $414,950
Two LEGAL properties on one title with 8% potential yield.
Possibility to subdivide (subject to RDC consent).
Long term tenants of 6 years in both dwellings who want to stay. Opportunity to increase yield and value.
Here we have a good old Kiwi "quarter acre section" with the original house circa 1950's located at the front and a newer 1980s/90s dwelling sitting towards the rear of the site. The homes are well separated with a double garage between them which the tenants share.
The second dwelling is legally consented as shown on the council website. A copy of the council file has been ordered which will be available to interested parties. This will of course have much more detailed information on the ages and sizes of the dwellings.
Both homes overall appear to be well maintained. The front dwelling had the exterior repainted last year and a number of weatherboards replaced. Most of the plumbing has also been recently replaced. Importantly, both dwellings are insulated below the floors and above the ceilings and also have heat-pumps. Both tenants reported their homes as being warm in the winter.
# 14 (front house): two double bedrooms plus an office. New bathroom and separate toilet. There is a large laundry area as well. The spacious kitchen area is original but tidy and the lounge leads off to a sunny covered deck area. The interior of this home is tidy and no cosmetic work was obviously required. The current tenant is a retired gentleman whom is looking after his home and loves it there.
#14a (rear house): three bedrooms with open plan lounge/ dining kitchen area and combined bathroom/ toilet with shower over bath. Tidy on the exterior, this property could do with a cosmetic interior makeover, although the current tenants (a family with one young child) would like to stay.
Both tenants have a good relationship with each other and enjoy living in this location. They would like to stay but are aware that the current rents are under market and will likely be increased when the property sells. The current owner has been self managing the properties for years and describes them as good tenants.
Located in a nice quiet cul-de-sac and close to both the Hannah's Bay Lake Reserve and the airport.
All forms of schooling are relatively nearby: Owhata Primary, Mokoia Intermediate and Lakes High School.
Licensed Agent - REAA 2008
027 486 6146