Logan Highset Home with Granny Flat as Auxiliary Unit

Would be great if you can share the listing for reference.

 

Update : The townplanner has confirmed that granny flat can get approved by the council.
The total costs would be approx 30K and owners simply are not interested in getting it approved.
So this property is off the list.

 

I've given the details on PC previously.
Purchase price just over 200k, reno costs 14k, rents for 370 a week. Standard 3 bedroom house with one couple living in it in Logan. It has features tenants will pay extra for. It's not on a busy road or in a flood zone. It was purchased off market for a very good price. Being on the ground or having someone you trust on the ground in your chosen market is the best way to find these deals, agents don't really like selling to interstate investors who want to put properties under contract sight unseen subject to building and pest (and finance) it's the fastest way to have an offer rejected. We had a builder inspect the house within two hours of the agents call and the contract signed within 4 hours, you need to act fast... The house is worth about 300k now so about 80k in genuine equity in 4 weeks! I'm personally building a portfolio of properties like this all purchased under market value and yields around 7 or 8%.

 

Will it be approved as an auxiliary unit that can be rented separately or will be be approved as a simple extension of the house?

 

Good buy - very high rent then again have no clue which suburb.
Rest of the statements I dunno

BTW are you the cash buyer lowballing in Logan haha (there was one a few months ago - Kudos to whoever it is, I believe got some bargains)

 

It can be approved as an auxiliary unit.

 

Congrats.
Impressive deal.
From the photo,It feels like the rent is too high for the type of the house but i guess you have the equity buffer if the rents are not sustainable.

 

Fa

Fair comment. I'd probably say the same thing. Even if the rent dropped to $330 a week which is very conservative it's still almost 8% yield and the 80k equity.

 

Yup agree on buffer.Did 80K came up in bank valuation at settlement or estimated?

 

The median for the suburb is around 300k. We are confident its worth that with a fresh renovation and the features the property offers, getting over the median rent confirms this. It was a cash buyer so no valuation was done on the sale. Cash contract with no B&P will usually get you a very good deal in Logan especially in the current market!