Investors, take note; The new asking price of $319 000 (reduced from $365 000) makes this property’s gross annual return a super 6.2%. That’s way better than the 2.5% that banks are currently offering for term deposits. While purchase prices are so low, prudent investors should cash-in their term deposit and pickup bargain buys like 4B Mervyn Street.
Ask any seasoned investor and they’ll tell you the first thing to consider is resale value and to preserve your value you must ensure you buy in a good location.
Check !! Mervyn Street; so close to the Rec Centre and soon to be completed Aquatic Centre & Youth Park, to the Train Station, to Northam Primary School and main street shopping in the town centre beyond.
The seasoned investor will also suggest you consider the age of the property to minimise the frequency of your maintenance call-outs. Brickies, chippies, sparkies, plumbers, can charge around $100/hr, give or take, and it doesn’t take much to chew into the weekly rental income if own one of those old 1950s asbestos or early 1900s red brick dwellings and tradies are making regular visits to effect repairs.
Check, Check !! 4B Mervyn Street; a modern brick and Colorbond dwelling constructed in 2011 with plenty of minimal maintenance years of its life ahead.
Of course every investor calculates ROI (the rate of return on investment) and the higher the better.
Check, Check, Check !! 4B Mervyn’s weekly rental of $380 equates to a gross return on a $365 000 investment of 6.2% securely let to a WA Govt Dept tenant.
Some investors also wear a developer’s hat and look for a property on a large block of land with appropriate zoning to support the construction of additional dwellings on the land. However, if developing the land is not on your radar, a big block is the last thing you want. Everyone’s on a tight time and cash budget these days and few tenants have spare time and cash to spend hours after work and their precious Saturdays and Sundays slaving over their Landlord’s gigantic quarter acre block watering, fertilising, mowing, weeding, pruning, etc. Inevitably the surplus land is let go to rack-and-ruin involving the landlord in further expense engaging gardening contractors.
Check again !! 4B Mervyn is on a 351sqm block nicely fenced and paved.
This property comprises 3 bedrooms, 2 bathrooms, 2 living areas and a double lockup garage and it’s waiting for you buy it. Interested ? Ask Steve Hill and Lara Turnbull for more information and and inspection