[SOLD] Last chance Potential 8.9% GY property in Rotovegas

59b Pohutukawa Drive, Owhata, Rotorua - $145,350

Potential 8.7%GY, three bedroom home with tenant wanting to stay on. What are your waiting for?


Highlights:

Property Features: 3brm house

  • Price: $145,350
  • Gross Yield: 8.7%
  • Capital Value: $101,000
  • Rental Status: $170p/w
  • Rent Appraisal: $245
    Verbal Rental Appraisal - TBC in writing
  • Annual Rates: $2,020
  • Estate Type: Crosslease (Freehold)
  • Floor Area: 80m2
  • Land Area: 1/2 share 812m2

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Additional Information

A tidy 3 bedroom property located down a concrete driveway on a fully fenced section that backs onto Pohutukawa Drive reserve, totally private and with a large peaceful backyard with no neighbours looking in. Constructed of easy-care fibre cement with an iron roof.

Access via the front door into an open plan lounge/dining area. The vendor will remove the non-compliant fireplace before settlement and replace it will a new compliant model. The vendor has also had the property insulated in the ceiling and under the floors.

The walls are wallpapered and in reasonable condition, the carpets are in average condition and have some stains that may be able to be removed with cleaning.

The kitchen is accessed off the dining room, it has good lino as well as new bench tops but original cabinetry. I have had the cupboards refaced in my own similar rentals and with these new benches, it will look like a modern kitchen. The kitchen also boasts a range hood, tiled walls and dishwasher, a real bonus in a rental property.

At the end of the kitchen is the laundry area with a stainless steel tub (needing a new tap, $16?)

The main living areas have good quality light fittings.

There are three double bedrooms down the hallway in good tidy condition.

The bathroom has a tiled floor, shower over a green bath and older style vanity unit. There is a separate toilet. This area would benefit from replacing the bath and vanity unit. There is a small portion of frayed carpet in this area.

To upgrade the property to a modern standard, I would consider in the future replacing the carpets, cupboard fronts, bath and vanity.

The house also has a security alarm, making it a nice secure home.

There is a separate garage, complete with power as well as a small carport on the side. To the rear of the property are council compliant kennel facilities for up to 5 dogs. These are connected to the sewage system. This is absolute gold for dog owners.

With a large open backyard with the reserve on two sides, this would make a nice family home. Some minor maintenance is needed outside , exterior needs to be cleaned and gutter to be repaired, although the tenant had said he will fix it. Overall it's a tidy home just in need of a small titivate but nothing major.

Situated behind another home that has not been well maintained or managed. The owner was unaware of this and will be taking remedial action to spruce it up.

This property is in close proximity to 3 of my own rental properties which are of a similar style and size, but have had the cosmetic renovation suggested above. They each have rented for $257 per week for the past year and are due for another rent increase. Tenants have never been difficult to find and are of good quality and are long term. If you want cash flow this is the place to buy.

Amenities

On bus route to the city, close to the airport and several local schools.

QV Report 59b Pohutukawa Drive Owhata Rotorua.pdf

Rates 59b Pohutukawa Drive Owhata Rotorua.pdf

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."