3xIncome (Main House + Granny + Studio) Central Coast Special?

Hi there,

Thought might be interesting to share - seems like Central Coast has lots of properties with 3 streams of incomes.
https://www.realestate.com.au/property-house-nsw-noraville-137840358
https://www.realestate.com.au/property-house-nsw-toukley-137946514

Would you consider buying one of those? Surely you'd expect rental income $1000 plus per week.

 

Only if all three bits can be rented out concurrently. I have something of similar nature but might only attract certain kinds of tenants. Not often all bits are concurrently occupied.

 

Council approved granny flat I can understand should have no issue to rent out. Studios you might just need to manage yourself.

 

It would really depend if your focus is more on cash flow rather than capital growth. These types of properties will generally appeal to investors only in the future (higher price tag due to the income potential) - what's the future plan with it?

I generally stay away from properties with this setup, as it can lead to more headaches than it's worth.

You'll need to check that it's all council approved to be individually rented out - many of these set ups are 'dodgy' and not legally rentable or insurable. If each dwelling is not separately metered, then the rent you charge will also need to include utilities etc. Does each dwelling/tenant have their own council bins, registered mail boxes etc. If sharing driveways, yards etc then you'll need to make sure all the tenants get along well and so on. Lots to consider.

A house + granny flat is OK if they each have their own access, yards, utilities etc but I've never been a fan of these 'after-thought' style set ups.

 

Crazy how that house is worth 900K

 

Now worth closer to $1m. Quick $300k flip in a year

 

Disconnected from reality.