Earlville Reno

Hi All,

Just a quick post with some pics of my latest reno in Earlville, Cairns. Thought i better post something as i've been sucking this forum dry. I was going to do a long detailed post but at the moment dont have time.

Brief details;
5 Bed, 3 Bath, (including sep granny flat - Dual occ)
Suburb: Earlville, Cairns - QLD
50m from major shopping centre -5 minutes from CBD
Purchase: 315k
Reno + Holding costs: 25k - 3 weeks
new Bank Val: 390k
Renting now for: 480/pw

Brief Reno details: Lots of paint. Plumbing repairs needed to be fixed, roof leak, water leak (that no-one could find initially) Painted tiles, kitchen, floors installed a cheap kitchen in granny flat, including moved a stove/gas fittings - added some laundry fittings. Ripped out old carpet granny flat and painted floor gloss. The cement job was so bad - it actually looked like i feature once the gloss was on. Patched holes in walls fixed doors, cleaned up yard, put a front fence in. Put new electrical fittings and some plumbing fittings.
Used backpackers to do all the **** jobs including painting. If i didn't think it would effect valuation it didn't get done, unless it was a repair. I wasn't planning on selling so the finish didn't matter too much when it came valuation time. Did a bit myself and got handymen in to do the ones i didn't want to or know how to do. Scored heaps of cheap paint, bits and pieces off gumtree. Used 2 pack epoxy paints and polyurethanes on tiles, bathtubs, kitchen bench (with some paint flakes to make look like granite).
Depreciation report(er) got a little confused with what was new and what wasn't - with my help. Things that LOOKed new, got reported as BEING new, including particular items that were bought 2nd hand/cheap. Depreciation report vs actual cost is a hidden gem up an investors sleeve.

 

Hi Andrew
Good work.

I have one question is the granny flat approved?

MTR

 

yeah it is approved. With that said the listing/advertisement was very poor. The agent had it as a bedroom - but when i viewed it, that 'room' had its own bathroom and toilet and was seperate to the house. The only concern was the fire seperation, which i got conifrmed in writiing was adequatly seperated and the site was classed as having 2 seperate buildings. Cost of letter was $180 from approval company. I would have bought it anyway, was just good to have it in writing as seperate and the option to turn into dual occupancy. But when doing the numbers the dual occ vs renting as house is minimal when you starting donating infrustrucure costs to council.

 

that's interesting.

In this case I would probably just rent the house and the attraction is the g/flat.

Unless the g/flat has the right configuration and has private entrance they are much harder to rent out from my experience.

MTR

 

Thats what i have done, its rented as a house for 480/pw

 

Nice work! It wasn't clear to me, but is this a recent acquisition or one you've held for a while?

I don't love that section of Earlville but the suburb as a whole is great (IMO).

The reno you've done has really improved it. Great rental outcome!

 

Great investment locale
Huge improvement! What's the going rate for a back packer? Dinner, bath and a cask of wine?

 

Yeah its my most recent, finished the reno about a month ago. The difference with this area is its zoned medium density residential (self assessable). Min block size for dual occ is only 600 sqm

 

Lol i paid for a fair bit of labour, but they did stay there for a week for some free labour. good to have someone there overnight for security during a reno

 

I wish I could get someone with a renovation eye to go through my Edge Hill property.

 

Hi Bran
What's the go with your Edge Hill property?
Cheers
Jen

 

Dated 3/1, 905m, LMR, Edge Hill. Renting 400 week. Paid too much nearly ten years ago, worth about what i paid, or less. are obstructive to inspections. I tried to sell earlier in the year and was nothing but a headache with tenants blocking the process.

 

How much longer on their lease, and will you move them out and sell, or persevere with renting...?

 

Hi Bran
I've pm'd you re suggestions going forward.
Jen

 

Hi Andrew it's great to see the final product after renos, especially the granny flat and street appeal improvements! You've definitely got a good eye for these things

 

How much notice do you have to give the tenants to vacate if you decide to sell? 4 weeks?