[SOLD] Two Titles, 8.5%+ Cash-flow + More Opportunity

37 & 37A Ford Road, Fordlands, Rotorua - $397,000

Two houses on two adjacent titles - both tenanted and returning 8.5% GY combined.


Highlights:

Property Features: 4 + 2 bedrooms / Separate Titles

  • Price: $397,000
  • Gross Yield: 8.6%
  • Registered Value: $410,000 - available for readdressing by purchaser
  • Rental Status: Both dwellings rented now for $385 +$270 p/w = $655p/w
  • Rent Appraisal: Properties are rented at market rate - RTAs available to prospective purchaser to view.
  • Annual Rates: $2,407 + $2,311 = $4,718
  • Estate Type: Crosslease (Freehold)
  • Floor Area: (37) 240m2 (37A) 60m2
  • Land Area: 817m2

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About the Property

A rare opportunity in the hot Rotorua market to grab this dual income opportunity with great cash flow. Both dwellings are very separate from each other with off-road parking.

The larger front house consists of three bedrooms and two bathrooms and has just undergone a cosmetic makeover with new paint inside and out, new carpet and curtains and has been re-tenanted immediately.

Upstairs consists of two large bedrooms, a bathroom and toilet and the kitchen/living areas. Down a stairwell you come to a very large bedroom or rumpus room with another shower and toilet. this is attached to a sun-room and on the other side of this is another lined and carpeted "hobby room".

There is a wood-fire which is complaint with the new council rules for clean burning heating. Both dwellings are insulated and we have certification to show this is up to code.

The rear dwelling is an older initial style type of home with two bedrooms, new air conditioning unit and long term tenants.

Opportunities: Right now there's nothing to do but collect the cash-flow.! Good property manager in place. The main dwelling still has potential to add more value in the future - e.g. new kitchen, bathrooms etc. These properties can also be sold individually.

The council files are available for potential purchasers to view as part of their due diligence. We also have a copy of the recently completed Registered Valuation will will be made available to the purchaser for readdressing for finance if required.

Contact Maree today for further information.

Amenities

Located on main bus route and short walking distance to all forms of schooling, shops, supermarket and medical centre.

Maree Tassell

Maree Tassell
Licensed Agent - REAA 2008

maree@ifindproperty.co.nz
027 486 6146

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This property is SOLD
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Agent Contact Details

Maree Tassell

Maree Tassell
Licensed Agent - REAA 2008

maree@ifindproperty.co.nz
027 486 6146

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If you want someone who knows what they’re doing, can use a very professional yet friendly approach, then Maree is the one. I asked her to sell one of my rentals and she did so quickly, with no fuss and got an excellent price for me.

Rob Bialostocki

Maree has always shown a very high level of integrity, transparency and flexibility and I believe iFindProperty offers great value – not only do you get a great property deal but the additional advice, assistance and recommendations make her service outstanding. I highly recommend Maree to anyone looking to start off on the right track in property, be they first timers or seasoned investors.