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QLD IP @ Coopers Plain QLD for 450-460 K

Discussion in 'Where to Buy' started by fairy, 28th Jun, 2015.

  1. fairy

    fairy Active Member

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    I am looking at IP @ Coopers Plain QLD, Which 50 - 60 years not in flood zone on 400 sqm block. It is 3 bedder 1 Toilet and 2 garage. Currenty rented for 390 per week. It is on sort of main rd Musgrave Road.

    Please advise for thoughts ?

    Thanks
     
  2. Tim86

    Tim86 Well-Known Member

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    Old small house on a small block of land, on a main rd. Same price as a similar sized and aged house that just sold in a suburb closer to the city, which isn't on a main road, and has a 670m2 block of land... http://www.realestate.com.au/property-house-qld-salisbury-119704575

    Hmmmm I would keep looking.
     
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  3. fairy

    fairy Active Member

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    Thanks
     
  4. Tim86

    Tim86 Well-Known Member

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    If I had to buy right now. I would probably buy this house: http://www.realestate.com.au/property-house-qld-salisbury-119672887

    Could do it as a share house and get your $700 per week rent after bills.

    More hands on management with share house, so a real-estate agent might charge a bit more to manage it. But a 6.6% rental yield isn't too bad. And it's in a good suburb which should see some growth when the new big private school opens next year.

    That's what I would do. But all my properties are in Salisbury so I'm obviously very focussed on the area. May be better deals out there.
     
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  5. chindonly

    chindonly Well-Known Member

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    I agree with Tim. Doesn't seem to be much for your money, and that yield is crap.
     
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  6. fairy

    fairy Active Member

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    Thanks Tim86. Can you recommend any PM from that area ? I was also considering an option of reno if t can be manage from interstate. Is there any company in brisbane could help with fix price quote ?
     
  7. Tim86

    Tim86 Well-Known Member

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    Yeah a reno could be a good idea too.

    I do my own renos and property management so unfortunately i cant recommend anyone for you.

    Can anyone else give fairy some good recommendations?
     
  8. KUS50

    KUS50 Member

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    There are plenty of builders in Brisbane that will manage your reno at a fixed cost.

    You will pay a premium for this and correct property selection will be extremely important to avoid overcapitalising.

    If your goal is to add value by renovation, Musgrave Rd might be ok however which part are we talking, closer to Robertson - yes good - down near the train line and opposite the industrial estate - bad avoid.

    Mid 400k's indicates the latter, I'd be inclined to be fussier with the location when renovating to add value.
     
  9. fairy

    fairy Active Member

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    How do i send PM here.
     
  10. HUGH72

    HUGH72 Well-Known Member

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    Yeah I was going to post that it sounded expensive for CP but Tim has summed it up nicely.
     
  11. chindonly

    chindonly Well-Known Member

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    Click on their name and start a conversation?
     
  12. LeMU

    LeMU Well-Known Member

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    Hi all,

    Is Coopers Plains still a suburb that's worth looking into investing long term? My concern is the multi stage Corner Stone development which may cause oversupply in a couple of years. But I'm no expert so I thought I'll throw the question out and see how others think...
     
  13. diagnostic

    diagnostic Member

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    I'd consider what your strategy is before jumping to conclusions but agreed that the IP does not seem like 'value for money'.