[SOLD] Family Home & Legal Sleepout with Yield & Upside
16 Island View Road, Western Heights, Rotorua - $363,500
Family home and legal sleepout with massive upside.
About the Property
Located in one of the nicer streets in Western Heights, this family home has recently been completely made over on the outside, and now the opportunity exists to add value with an interior makeover, and we have a team who can completely project manage this for you.
This three bedroom home is insulated to government regulations and has just had a new heatpump installed. Set well back from the road this home has good street appeal and is positioned to receive all day sun into the living areas.
Please note that the cladding is cement tiles that contain asbestos. They are in extremely good condition and the exterior of the property has just been painted.
Price now (including finder's fee) $363,800
Estimated reno fee $40,000 (this includes a full reno including new flooring, paint, new kitchen, bathroom and laundry). There is the opportunity to spend a little more (say $5,000) and really open up the kitchen area. You could evaluate the cost/benefit of this during your due diligence.
Post reno you can expect a rent of $550 p/w which equates to a 7% yield.
We have been advised by agents that post reno the house should have a sale value of 450-460K.
The exciting part:
Immediately behind the house is a large double garage with attached sleepout and toilet. So this is able to be legally rented as a bedroom, however it will need heating. The 2004 CCC and building consent shows the sleepout is insulated - to be confirmed with due diligence. We've had a builder in to look at this and he believes it should be possible to convert this to another dwelling relatively easily. We can refer any potential purchasers to this tradesperson as well as provide the current RDC property files.
As we can't provide any guarantees about this, we advise any purchaser to be happy with the property as a current investment, however it would certainly be worth further investigation as the garage building is well constructed and the building side of the conversion could potentially be quite low-cost.
Located just around the corner from the Brookland Road shopping and medical centres, this property is also in zone for Western Heights High School and walking distance to all forms of schooling.
Licensed Agent - REAA 2008
027 486 6146