Divorce sale minor reno w/ granny flat asking $485k

Hi Everybody!

I'm looking to buy my first property. I live on the Gold Coast and want to buy locally for this first one. I'd really appreciate any advice, thoughts, opinions and guidance available from the community please!

I went to a viewing yesterday for a divorce sale:

1/21 Harley Street, Labrador
1/21 Harley Street, Labrador QLD 4215 - House For Sale - 2013744397

It's 4 bed 2 bath with granny flat underneath, but it's not an official/compliant unit as the height isn't 2.4m.

The whole place does need some minor renos (doesn't look as good in person compared to the photos!),but I think it would scrub up fairly well without costing the earth.

The area is lower socio economic, on the plus it's close to schools, shops, transport, the broad water and, as far as it goes on the Goldie, it's bordering the "inner ring"/cbd.

It's a townhouse in a block of 5 (original bigger lot that was converted in about 2000. This property is the front/street house and is the original building). Body corporate is $36/week.

I think with cosmetic renos the main house would rent for around $530 - $560. The granny flat should rent for $225 - $275 privately. So cash flow could be great but there are some challenges and risks.

Thinking to offer $436,500 for a 10% discount due to acrimonious divorce (not speaking and 2 agents representing the 2 parties) and the need for TLC. Realistic?

Let me know your 2 cents!

Kind Regards

Matt

 

Everything is details! Even the subject line.

 

The agent emphasising the divorce is really just marketing. They think it will create interest in this 'bargain'.

Do units really rent for so much in that location?

 

Thanks everybody for the helpful suggestions and comments.

I think I'll leave the details up, if someone else is that keen then fair play to 'em, it's more important to me to make sure my thinking is right and that my understanding of things like vendor discount is ok.

Does anyone have an opinion specifically on the offer? Is it crazy low? Or just reasonable low? Or...?

Thanks again!

Matt

 

Also these are reasonable rents for the Gold Coast and for the area. May be able to get a little more.