Our team purchased a rundown 2 bedroom house with a 1 bedroom flat in Lutana.
The house was ‘original’ – 1950’s carpet and vintage wall paper, and was rented for $225 per week. The unit had a similar dowdy look and brought in only $150 a week. Our team transformed the house and flat in three weeks (we even added a bedroom to the house) for a cost of just over $9,000.
Our property managers re-rented the house for a much stronger $360/week and the unit for $200/week. This resulted in our client realising a gross rental yield in excess of 9% on the total cost. And all this on a property just five minutes from Hobart’s CBD.
Instead of feeding this investment, our client now makes over $170 per week positive cash-flow after interest costs from this property.