[SOLD] Under market in Tauranga with Great Upside
2nd Property Cameron Rd, Gate Pa, Tauranga - $358,685
Your chance to secure a rental investment property (or two side by side) with do-up potential and instant equity for less than market value (per QV valuation) in a red-hot property market.
One of two similar freehold properties on a shared driveway. This 1990's three double bedroom home has a long-standing tenant of 7 years who has been looking after the property well and is keen to stay.
The property is spacious, light and airy comprising a kitchen, dining with an open plan lounge opening onto a small deck, beautiful west facing outlook and stairs to a sloping section below. Separate laundry.
The tenant is currently paying $330 p/w, which is light for this market. You can retain the tenant and look to increase to market rent without doing much to the house and pick your timing of when to renovate fully.
To achieve top dollar rent and value for the home we recommend a cosmetic renovation to bring everything up to a modern standard. We are confident a spend of $25,000 - $30,000 to modernise the property (general maintenance, bathroom, kitchen, carpet, paint) would make this property worth $420,000 - $440,000 and would increase rents to $400-$440 p/w. These figures of course are based on the current market which is subject to change.
The cladding is Hardiplank, there is a steep roof and also car parking for two vehicles.
Cameron Rd is a main street that runs through Tauranga and while the address is for a main street, the homes are below street level and are extremely quiet even when the lounge ranch slider is open.
Over the past 12 months, Gate Pa has enjoyed capital growth of around 30% with rent growth of around 10%.
This is always the case as values move faster than rents. Gate Pa is a working class area, very close to central Tauranga. It is nestled between the Avenues and Greerton, two highly sought after areas, which have also enjoyed similar gains over the past 12 months. Gate Pa is certainly benefiting from the flow on effect that is spilling over from those better areas and creating increased desirability for home ownership and investment. There is lots of potential for growth ahead for Gate Pa.
This investment opportunity won't be available for long. Take action now.
Builder's report, LIM report and Meth test results are available for viewing for astute investors. We only have this property available for a short time so this is available to those who can complete a quick due diligence with the independently sourced information available.
Danny plans to purchase these himself if our clients do not snap them up.
Situated in a great location 1.5 km from Tauranga hospital and a short walk to the popular Gate Pa shopping complex and supermarket, while Greerton Village is a few minutes up the road.