SA Estimated Rent on 19 Minyara Av

Discussion in 'Property Analysis' started by David Thiu, 7th Nov, 2017.

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  1. David Thiu

    David Thiu Well-Known Member

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    Hey just,

    I stumbled onto this property and first thought "yuck"...

    A Terra Cotta house...

    Click here to see it

    But then noticed the sold price $191,000.

    I'm thinking this property could be rented out for $270-280 per week.

    Equating to 7.4-7.6% Yield.

    What's your guess?
     
    David Thiu, 7th Nov, 2017
    #1
  2. Lindsay_W

    Lindsay_W Well-Known Member

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    The rental estimate on the left hand side says $275 per week, no reason for anyone to believe it will rent for more than that, was advertised for rent in May for $250 per week. This house is not for sale
     
    Lindsay_W, 7th Nov, 2017
    #2
  3. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Get a local PM to give you an appraisal as that will be the most accurate figure.
     
    Colin Rice, 7th Nov, 2017
    #3
  4. Tony Fleming

    Tony Fleming Well-Known Member

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    I'd guess $250pw going to $265pw in December.
     
    Tony Fleming, 7th Nov, 2017
    #4
  5. David Thiu

    David Thiu Well-Known Member

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    @Lindsay W: I know mate. I'm doing suburb research and looking at past sales this year. Rental estimate they show on the side is median rent in the area.

    @Colin Rice: Yup, totally agree with you. I did this with when I was looking at that Duplex in Elizabeth. Called up about 6 agents. This property is not for sale, so there's probably no point in contacting agents.

    @Tony Fleming: That sounds reasonable. This property doesn't seem to offer as many features and benefits as other 3 bedroom properties in the area.
     
    David Thiu, 8th Nov, 2017
    #5
  6. D.T.

    D.T. Specialist Property Manager Business Member

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    This one was in fairly poor condition on purchase so that deducted from the standard 3 bed rents in the area.
     
    D.T., 8th Nov, 2017
    #6
  7. Xenia

    Xenia Well-Known Member

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    We are managing this property. It’s currently renting at $250/week.
     
    Xenia, 8th Nov, 2017
    #7
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  8. David Thiu

    David Thiu Well-Known Member

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    @Xenia: Thanks for confirming the rent on the property
     
    David Thiu, 9th Nov, 2017
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    Xenia likes this.
  9. DaveM

    DaveM Well-Known Member

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    It was a really poor quality house, I inspected it twice. Not uninhabitable but really worn and run down. Whoever bought it just rented it as it was and the rental amount reflects its status as a slum.

    With a tart up it could rent for more. Unsure why purchasers dont spend a bit on houses like this, really improves rentability.
     
    DaveM, 9th Nov, 2017
    #9