Broadmeadows Property

Hi guys,
My friend is selling a property in Broadmeadow. He wants 300k but think I could get it for 280k.
It's on a subdivided block on 370sqm with 3 bedroom one bath in need of some TLC but can be rented as is. Would need painting and repair fence.
It has some small structural damage- some gaps internal between wall and ceiling, but I will need to view to see how bad it is. Just a question to see if people think this could be a good deal given the small block and condition of the property and it's Broadmeadows.
Also does anyone happen to know a trust worthy service that Can come with me to view or even view on my behalf. Just to make a better judgment due to the structure.
Any information would be much appreciated cheers.

 

Structural issues- no way. 280k isn't that cheap for 370k block.
You can pick up something without issues on that sized block for that money or very close too it. Id never buy from a friend- he probably wants to sell to you because he thinks it will be a fast easy sale

 

Have to agree, hardly seems an investment grade property, and with possible structural issues you really don't know how bad they are.
If looking to spend 300k on a unit or sub divided property there's better choices out there.

Why is your friend selling?

 

It's actually a friend of a friend so not really someone I know. They are looking for a quick sale due to financial hard ship. I'm just not too familiar with the area but have seen that it's pretty hard to find something under 300k these days for a 3 bed house. But it has been subdivided. What price range would be fair, could you say?

 

its a friend of a friend. Yes The are looking for a quick sale, due to financial pressure. What price would you say would be s good buy for that mate ?

 

Could you recommend anyobe or company that could view on my behalf and make a judgment call to see if it's worth it. I'm a novice in the game so really not sure what's a smart buy haha?

 

I wouldn't buy a subdivided block since you can never develop it, I'd buy a brand new townhouse on that sized block for the same-ish money instead. No maintenance, everything new, easy to tenant, not going to be a money pit. But personally i would only buy something on a 600m block, then you options down the track.
But if your set on a subdivided block in broady, i think these type of things are better buys:

3/1 Alexander Court Broadmeadows Vic 3047 - Unit for Sale #124686606 - realestate.com.au
3/27 Kitchener Street Broadmeadows Vic 3047 - Townhouse for Sale #124683414 - realestate.com.au
1/54 Cuthbert Street Broadmeadows Vic 3047 - Townhouse for Sale #124295874 - realestate.com.au

may cost you 20-30k more upfront, but you will be spending close to that to fix up your friends house, then there will be the endless repairs as things always break down when they are old. Also you can get the depreciation benefits of the newer properties.

I wouldn't buy anything on that sized block in Broady, but if I was id be leaning towards new.
Don't help the friend of the friend as its not worth screwing yourself over to help them get ahead.

 

A building and pest inspection is recommended - Brett White can help.

 

mates rates are not what they're cracked up to be. No one is going to sell a house cheap to do you a favour if they need the money, they will still want market value.

 

Its a tough call depending on its condition and also the extent of the structural work it may require. Personally, I dont think it will see much capital gain in the near future as there are currently brand new town houses selling in the low 300's. (albeit most are 2 bedroom). 3 bedders are pushing 330k+.

Here are is a recently sold property you could compare it too.

1/16 Ortolan Avenue, Broadmeadows, Vic 3047 - Property Details

Vs new

1/54 Cuthbert Street Broadmeadows Vic 3047 - Townhouse for Sale #124295874 - realestate.com.au

6/117-119 Kitchener Street, Broadmeadows, Vic 3047 - Property Details


If you are keen on it, you can get someone like Archicentre to have a look at it and see what it needs structurally.

 

Ok great thanks I will contact

 

Ok great thanks for sending that information through

 

Cheers Otie, good to get this information. I'm relatively new to investing so any piece of information helps. Totally agree with you. I think that it will be a big head ache, the town houses look much better. That's where I would want to live over the one My friend has