[SOLD] Dual Income brick units - get ready for the grey wave

24 Euan Street, Mangakakahi, Rotorua - $327,995

Brick two bedroom units on one title, easy care, low maintenance and decent yield. These will be very popular with a wide range of tenants.


Highlights:

Property Features: 2 x 2brm units

  • Price: $327,995
  • Gross Yield: 8.2%
  • Capital Value: $215,000
  • Rental Status: Unit 1: $180p/w
    Unit 2: $180p/w
  • Rent Appraisal: $500-$520
    TBC in writing
  • Annual Rates: $3,238
  • Estate Type: Freehold
  • Floor Area: 120m2
  • Land Area: 1110m2

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Additional Information

Solidly constructed summit stone units with corrugated iron roof could be the delight of your next tenants. Block of two on one title so less rates to pay.

Each unit is the mirror image of the other. Access is through the front door into an open plan lounge/dining area with the kitchen situated at the rear with access through the back door to the garden.

The two double bedrooms are accessed off the lounge so there is no space wasted on a hallway so they both have a nice spacious feel to them.

To improve these units just add some heating and insulation and you will have tenants queuing to move in.

Carpets are a dark colour and appear to be in good condition throughout the property. The drapes are in average condition but could possibly be updated sometime in the future. Currently all the walls are wallpapered and seem in good condition, but put a coat or two of neutral coloured paint on top and they would have the wow factor.

The kitchens have plenty of cupboard space and tenant proof stainless steel bench tops. They have the original joinery but well painted and tidy.

Off the kitchen is the laundry area and next to this is the bathroom, both are in good condition, perhaps a paint of the ceiling will make it a bit fresher. The shower is over the bath and has a glass door. The interior bathroom window frames need sanding and repainting.

Carpets are good, and some new drapes would freshen these units up.

Unit 1 has its own double garage and unit 2 has a single garage. It may be worth looking at converting one of these into a minor dwelling or sleep out to increase the cash flow even further.

The exterior fascia boards at either end need repainting as well as the back doors.

Outside garden needs a bit of a tidy up, nothing major and this is where it will come up a winner with the right landscaping. It's a big section.

The driveway also needs a little maintenance nothing scary just a few potholes that need some attention along with the wall next to the boundary but again nothing serious.

This is a great property for those looking for easy care units. Nothing major needs doing and any maintenance is cosmetic and could be done as weekend projects to add value to your investment. The neighbouring property is another block of units that appear to be inhabited by older people. With the aging population and smaller families, two bedroom units are in hot demand as people downsize from larger homes.

Put your mark on it and you will have a winner here with just a little attention on the inside and these units will sparkle, plus tidy up the grounds on this 1110m2 site and your tenants will have a peaceful private backyard with no nosy neighbours looking in.

Amenities

These units are situated at the end of a quiet cul-de-sac with a short stroll to the Brookland shops as well as being near the bus route to the city.

St Michaels Catholic School, Western Heights Primary, John Paul College and Western Heights High School just to name a few are all close by.

Debbie Van Den Broek
Licensed Salesperson - REAA 2008

debbie@ifindproperty.co.nz
021 131 6119

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Agent Contact Details

Debbie Van Den Broek
Licensed Salesperson - REAA 2008

debbie@ifindproperty.co.nz
021 131 6119

Debbie has been wonderful to work with. She was professional, thorough and has an inside knowledge about the Rotorua market. On top of this she is willing to share her extensive knowledge with her clients as she is on the side of the investor."