Elizabeth SA Hidden Gem

Discussion in 'Investor Stories & Showcase' started by David Thiu, 6th Nov, 2017.

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  1. David Thiu

    David Thiu Well-Known Member

    Joined:
    22nd Oct, 2017
    Posts:
    70
    Location:
    Adelaide
    Hey guys,

    Just thought I'd update you on that Duplex I was looking at in Elizabeth area.

    Basically I thought the numbers seemed really good. $255,000 for potential rent of $400 per week, which pretty much would cover the mortgage repayments.

    I also thought there was a lot of potential considering the block was over 1200 sqm and a developer recently built 4 townhouses on a similar site, selling each from around $300k.

    Click here for details

    Unfortunately when it came time to inspect I was horrified with what I witnessed. It wasn't as simple as replacing the floorboards, adding a shower screen, and giving the property a lick of paint, but there were some serious electrical, plumbing and structural issues with the property.

    And scary thing was there was a piece of paper in the kitchen that mentioned a window was broken the week before and squatter found inside!

    I guess everyone was right, and I should have listened. But at least I learnt the hard way, and know now to stay away from buying a property in that area.
     
    Perthguy and The Y-man like this.
  2. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    Yup :(
     
  3. DaveM

    DaveM Well-Known Member

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    14th Jun, 2015
    Posts:
    3,761
    Location:
    Adelaide & Sydney
    Yep ratty semi pairs only really make sense where you can buy at land value.
     
  4. David Thiu

    David Thiu Well-Known Member

    Joined:
    22nd Oct, 2017
    Posts:
    70
    Location:
    Adelaide
    Perthguy likes this.
  5. Perthguy

    Perthguy Well-Known Member

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    22nd Jun, 2015
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    Perth
    That's special!