[SOLD] Looking for a 8%+ Gross Yield that will attract a good tenant?
525B Te Ngae Road, Owhata, Rotorua - $167,350
Still seeking a decent rental with a 8%+ gross yield? This one may be just what you are looking for.
If you are looking to start your investment portfolio then this may be just what you are looking for. Three bedroom home with an attached internal access large carport, set well back from the road to minimise any road noise.
Access to the house is via the back door, through the kitchen. The kitchen is tidy and functional with a formica bench and stainless steel sink insert, complete with a dishwasher- a rare find in many rentals . This would be a bit of a bonus to attract future tenants. The floors were once polished wood but are now scratched and old, new lino or re-polishing the floors would make a big difference. Kitchen cupboards are well painted and there is plenty of cupboard space.
The large lounge/dining is open plan with a beautiful large sunny wooden deck that can be accessed by a ranch slider, and is heated by a heat pump, a no stress way for your tenants to keep warm. The carpets throughout the house are ready for replacement (approx cost $4,000), and would help attract a better tenant.
A previous owner could have been an artist as there are intricate murals (fairies)on a bedroom wall, and another bedroom door has painted scenes from Winnie the Pooh. They would make fantastic children's bedrooms, remaining paintwork throughout the house appears to be in good condition.
Each bedroom has its own wardrobe and are a good size, able to fit a double bed. All are accessed from the hallway, two bedrooms are at the rear of the house, the other backs on to the lounge area.
The bathroom has a separate toilet area and a shower over the bath, modern pedestal vanity, heater and fan. The flooring in both areas are lino and in good condition. A large laundry area is situated near the kitchen and could potentially be used more effectively to enlarge the kitchen space..
The home is down a shared driveway (gravel) with one other property on a flat section that is fenced and tidy. The exterior paintwork on the hardipalnk walls appears in good condition however the corrugated iron roof has some rust patches and needs repainting (approx cost $2,000). The gardens are weedy and need some clearing and spraying to make the property present better (approx cost $250).
The carport has has a shed created on the back wall, however the plywood front is getting rotten and needs replacing. This home is a little tired, so with a bit of a cosmetic makeover, there is room to add value and make it more attractive to better tenants or on sell to a first home buyer.
Obtaining yields above 8% is getting harder especially in popular rental areas. Neighbouring homes all look well cared for and trouble free.
This is a good starting point as a rental, set on main route between Rotorua and:
Eastgate Business park.
Handy to Lakes High School and Te Ngae and the Redwood Shopping centres.
Debbie Van Den Broek
Licensed Salesperson - REAA 2008
021 131 6119