[SOLD] Potential Plus - Holdens Bay 9.8% Potential Gross Yield on Full Site

650 Te Ngae Road, Owhata, Rotorua - $171,350

Potential plus here!

Sturdy three bedroom home on a potentially subdividable site (subject to council consent), with a large garage/ sleep out area.

This home needs a bit of a makeover.


Highlights:

  • Price: $171,350
  • Gross Yield: 9.8%
  • Capital Value: $156,000
  • Rent Appraisal: $320-325 p/w
    Written Appraisal available to potential purchasers
  • Annual Rates: $2,548
  • Estate Type: Freehold
  • Floor Area: 90m2
  • Land Area: 1011m2

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Additional Information

This well constructed 1950's family home is just waiting for a bit of cosmetic attention to bring it up to a more pleasant standard for a family to move into. With the shortage of three bedroom homes to rent, this is sure to be popular.

This 90 sqm home has a large kitchen with original cabinetry, that is well painted and looks tidy, with plenty of cupboard space, a free standing stove and a tenant proof stainless steel bench top. The vinyl floor coverings look to be in reasonable repair.

The kitchen opens on to the dining/ lounge area which are tidy and is heated by a heat pump. The walls are well painted but could need some touch ups. however the carpets throughout the house are SMELLY and will need replacing (approx $3,400 with new underlay). They are so smelly that it detracts from the entire home. Adding new carpet will make a huge difference to the feel of this property.

With three good sized double bedrooms a family would find this a great rental home, just add some new curtains and nets and the spruce up of these rooms would be complete. The bathroom is tidy but a bit rundown, with a shower over the bath and a modern vanity that is missing a drawer, to add value and improve the rent a bit of renovation effort would be beneficial to get a better quality tenant.

At the rear of the home, beside the back door, is a large laundry complete with an original concrete tub, this a a space that could perhaps be transformed into an office area and locate the laundry elsewhere.

With a huge flat section the home is situated towards the front of the property allowing for plenty of room to develop a second dwelling (subject to council consent). Currently there is an ancient garage, lined with cardboard (roof, walls & floor) that the current owners were using as a home gym. At the rear of this garage is a sleep out area, unlikely to be consented. This area is in need of a BIG makeover, there has been people sleeping here but personally it looks a bit spooky (spiders etc). With the garage being so old it may be more worthwhile to demolish it to make room for that second dwelling.

Fenced from the road there is plenty of room for the children to play and there is even a paua shell decorative feature in the front yard.

Amenities

Situated on Te Ngae Road which is the main arterial route to Taurauga and Whakatane. This property is handy to Rotorua Airport and Eastgate Business Park as well as being only a few minutes drive to the CBD.

There are a number of schools of all levels on this Eastern side of Rotorua and with the current rental shortage, bound to be easy to rent.

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."