Purchased March 2018
53 Walter Street,
Dunedin, NZ
Initial Purchase
Initial Purchase
£ 70k
Done up Value
Done up Value
£ 130k
Annual gross rent
Annual gross rent
£ 14,220
ROI
ROI
9.57%
About this opportunity
***UPDATE***We purchased this one bed flat, and added a second bedroom, to purpose build this for a serviced accommodation.
Our agent had contracts with local businesses and they accommodated their travelling workers to this unit.
We initially had difficulties getting this project off the ground, due to the Covid-19 breakout, however once the restrictions were eased, the market had a positive change.
We decided to off load this unit from our portfolio in early 2023. This was due to the management involement required in this type of strategy, and we decided this was not conducive to our time.
Image gallery
Before
Financials
Equity
| Purchase Price | $373,000 |
| Build / Renovation | $0 |
| All other costs | $1,500 |
| Total Initial Costs: | $374,500 |
| Market Value | $445,000 |
Monthly Income
| Rent | $2,968 |
| Operational Expense (@20%) | $594 |
| Management Fee (@10%) | $297 |
| Mortgage (@5%) | $1,339 |
| Cash Flow | $995 |