QLD 7km from cbd 480k 583m2 whats it worth?

Hi all,

i've recently gone under contract on this property at 480k and was wondering what everyone thought it was worth? as i'm finding it difficult. I got the b&p report back and it needs a new roof and new bathroom, The current owners did a bathroom reno but used wrong material so must be redone now.

this is the link to the property.

46 Samford Road Alderley Qld 4051 - House for Sale #124007530 - realestate.com.au

pros

1. 7km from cbd
2. great location right next to coles, the main strip of shops, 10min walk to train station
3. 583m2 it is LMR but i don't think you can do anything with it, if you could i'm pretty sure it'd sell a lot higher.
4. i don't think you'll be able to find anything cheaper in the north/westside of brissy at that price

cons

1. the property next door is about to be developed into a 3 storey 15 unit block.
2. opposite the property is the back of the new coles. the photo below shows what it looks like.
3. needs new roof
4. needs new bathroom.
5. as you can tell from photos whole house needs complete reno.
6. busy road




I asked for a price reduction but the owners wouldn't budget and rejected the price reduction. what do you think a fair price is for this property?

Thanks, Username0

 

I don't know the area, but that's a busy road, and maybe a little too close to the shops. Are you sure you can't subdivide? LMR and very close to the shops

What are your skills? That's too hard basket for me. What's a reno going to cost? Whats the end value in the same position, with a completed coles - is this a good thing?

And what rent? Certainly won't be 480 a week..

 

Seems like a good price I brought a few doors away about 5 years ago
Paid $340k ...

 

You might get away with multi unit dev as you're only few metre from required 600m2, or could we reconfigure 2 x260m2 if frontage allows?

 

Yeah weird you wouldn't even finish the deck. Less than a days work

Surely the bay window must be a camera lens effect!

 

102 Alderley Avenue Alderley Qld 4051 - House for Sale #124204046 - realestate.com.au

this property just got listed recently 2bed 600m2 backs onto train line i haven't seen it but it's advertised as a reno as well. as for prices i know a roof will be 13-18k everything else i planned on doing most of the work my self as having a trade background. rent is terrible like 380 idk what it'd be renovated though. i was thinking i'd do reno then try airbnb see how i go. i'm aware the busy road isn't going to work in my favour.

 

i honestly wouldn't have a clue with development as i'm only just starting out, i know the block slopes towards the road quite a steep slope to be honest. at the back door it's about 400mm step to the ground.

 

the bay window is normal but in the re.com photo it's really weird i did mention that to the agent, seeing as i'm just starting out i thought this would be a good property to just reno and then hold. See how i go maybe get into development later on in my property journey.

 

the deck is stuffed they didn't put down a foundation only sitting on bessa blocks. the owner whos been doing some work on the property has no construction background as you can tell from the work.

 

this your first one?

Guess you will learn a lot. I'd look at getting someone to help - haven't used her but she got a good rap here, but the lady from Polyplus Properties for example. She could have a look and see if its all feasible before B&P runs out

 

Hi Bran,

i have 2 other properties, but they are just buy n hold i'm trying to be more hands on with property investing. so thought i might try a reno having a trade background. the only thing is with this property i'm just trying to figure out if its a good deal. there aren't to many comparable properties around.

 

Excellent buy.. its worth what you paid for it

Fix it up nicely and would fetch in the 600's.. main road or not. Knowing that area, worse has been sold for higher in the last few years. Its a pretty tightly held area, so not many freestanding homes come up

 

I briefly looked around that area before I bought in south. I think its a good buy esp if you don't need to spend too much on reno.

 

had a look at the lot. I would think you have difficulties achieve multi unit development or subdivide into 2 lots due to a 10m frontage, not the size of lot.... You may go impact assessment, but it takes long time and costly...
If you buy next door, then it may be a different story.

 

Thanks for that Retirerich101, yea i didn't think anything could be done normally development lots sell for 10-20% more then average price

 

theres heaps to be done, paint inside, new roof, new bathroom, install kitchen (they bought ikea kitchen but needs to be installed), new carpet, rip up deck replace with new maybe. polish floors, new gutters, maybe paint the outside of the property, needs new front door. are just some things haha.

 

Rented this one for $380pw

 

yea rental return isn't to good sadly :/