[SOLD] Best bargain in the current Rotorua market!

8 Nihoriki Street, Koutu, Rotorua - $155,850

Where can you get a yield like this in Rotorua?

Increase the GY to 9.3% just by adding a heat pump, insulation, garden shed and a general tidy up - approximately $5000 and the rent could increase by $30p/w. How easy is that?


Highlights:

Property Features: 3br 1ba

  • Price: $155,850
  • Gross Yield: 9.6%
  • Capital Value: $96,000
  • Rental Status: $265p/w
  • Rent Appraisal: $285-$295
    Written Appraisal
  • Annual Rates: $2,005
  • Estate Type: Crosslease (Freehold)
  • Floor Area: 86m2
  • Land Area: 1/2 share of 1128m2

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Additional Information

Handy to town, a tidy 3 bedroom home that will provide a positive cash flow for your portfolio.

With a floor area of approximately 86m2, this brick veneer home, with aluminium joinery and iron roof could be your next low maintenance investment.

An added bonus is an attached carport and fully fenced section.

A wooden deck runs along the entire front of the property giving it a colonial appearance. with two ranch sliders one from the master bedroom and one from the open plan lounge/dining. The lounge/dining area has an open airy feel, with the carpets, curtains and walls all in good condition. Just add a heat pump to make your tenants warmer on those wintery nights. (~$2600)

At the rear of the lounge is the kitchen with a stainless steel sink top that is an asset for a rental property. The remaining benches are Formica and along with the oven and flooring all seem in good condition.

Down a hallway on your left, you come to the laundry with a stainless steel tub and a door that opens to the backyard area.

The next doorway is the bathroom with a shower over the bath. The sink is probably the original so a new one would make the bathroom more modern. Next to the bathroom is a separate toilet area. All are in reasonable condition.

Opposite the bathroom is the first double bedroom, with two more at the end of the hallway. The master bedroom has the ranch slider making this room very bright and open. All rooms are in good condition with good paint, good carpet and curtains.

This property is in the Koutu area so is handy to the city centre. Currently, it looks a little unloved and needs someone to bring it back to its potential. There is an excellent property manager in place who has managed the property for some years and would be happy to continue. They have recently rented it to new tenants. They have made the suggestion that with a general freshen up, some insulation, heat pump, and maybe a garden shed with some trees for a little privacy from the road and you have the potential to increase the rent to $285- $295 per week giving a 9+% gross yield.

So come put your mark on it and you will have a great tidy little investment.

Amenities

Schools are close by with Selwyn Intermediate, Kawaha Point Primary and Western Heights High School just to name a few.

There is a bus route to the city, however, for the more active tenant, it is not that far to walk.

Maree Tassell
Licensed Agent - REAA 2008

maree@ifindproperty.co.nz
027 486 6146

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Agent Contact Details

Maree Tassell
Licensed Agent - REAA 2008

maree@ifindproperty.co.nz
027 486 6146

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.