27 Lyell Road, Outer Kaiti Gisborne 4010

Sold

$30,000-$32,000 now this is the type of dual investment property that makes for sensible buying, with two combined incomes to generate a healthy income return.

With one sitting tenant here for 12 years, and the other, just over a year with [his quote] “I hope to be here for years” these 2 x 2 bedrooms purpose built flats offer an excellent opportunity for investors looking to start a property portfolio, or those wanting to add a reliable money maker.

Built in the 1970s, with hardiplank and aluminum, set on a post-stamp size section, long term maintenance is easy. Add to that good insulation standards, and both with air conditioning too, the standard “Investor checklist” is tick, tick, tick is complete !

Here are the numbers :
• Independent Rental Appraisal assessed at $290-$310 per week
• Rates: $4,100 [estimated on the two flats – pending on issue of title]
• Current Seller’s Dwelling Insurance: $2,535 pa [comprehensive cover]

This has been an excellent investment for my Seller, but other exciting opportunities are on the horizon … So, crunch your numbers – what R.O.I works for you ?

• Combined Building size: 162m2 (est)
• Land size: 544m2 (separate title approved in currently in final stage of issuing)
• 2017 RV: Nil available as subdivision pending from original farm landholding of 1.7303ha