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Project Loganlea

Discussion in 'Styling & Decorating' started by Greyghost, 23rd Jun, 2016.

  1. Greyghost

    Greyghost Well-Known Member

    Joined:
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    Location:
    Melbourne
    I thought I would share with the community here the current renovation project on the go.

    House:

    Price: $310K
    Purchased privately
    Settled late Jan
    Brick & weatherboard highset legal height
    4br (upstairs), 2 bathroom (1 up 1 down), 1 kitchen.
    In-ground good quality pool
    No garage
    Over 980sqm
    Genuine dual living potential.
    House footprint is huge
    Purchased site unseen, guided by our B&P whom we trust.
    It is just outside the rezoning in Loganlea but could be considered due to its location
    Walking distance to train station
    1 minute from freeway entrance

    House was sitting vacant as vendor's spouse had passed away and he had returned home to NZ.
    It would be generous to say the house was a complete shambles and not for the fainthearted...
    The story behind how we actually purchased the property is an interesting one too, something directly out of a Suits episode.. That is for another day.

    Plan:
    Strong rental yield with size of house
    Large block close to rezoning. Potential future development site
    Worst case scenario will be dual living + additional granny flat
    Property presents multiple potential strategies. But at this stage it is a buy, hold and rent

    Many of the houses in Logan region are highset. They look large but are deceptively small inside.
    We assumed this the case with this property, however it is very large and will be a genuine dual living property.

    Works:
    Apart from the cosmetics of the property there were a few structural issues.
    The corner of the kitchen dropped off approx. 4 inches. To rectify this one of the support metal posts had to be replaced and concrete injected.
    The bathroom floor was totally rotten and water damaged

    On arrival it was noted that the property had a large spare room which may have been a formal dining. It had an open entrance and a sliding door in the hall. This was closed off as the room is more than sufficient to create another bedroom. So upstairs alone IS 5 bedrooms now.

    So the property will in due course be as follows:
    Upstairs:
    5 Bedroom, 1 Bathroom, 1 Kitchen
    Downstairs:
    3 Bedroom, 1 Bathroom, 1 Kitchen

    All of this works are being done DIY, except for electrical.
    Property has been rewired
    3 new split systems
    new kitchen and appliances
    new bathroom (bath and shower)
    new internal and external doors
    paint etc
    new bedroom fans
    new switches (photos show some old switches but these are getting done)
    new tiles in bathroom, kitchen and entrance way

    Keeping in mind the demographic and not looking to over capitalise here.
    For example if you are looking to leverage off a reno such as this to get cash out to fund the next deposit or have a limited Line Of Credit which you wish to buy and reno 2 properties with, it is a slippery slope in renovating and keeping a clear goal of doing things to the standard required for rental (target demographic) compared to say doing it for you to live in or more to the point - how I would renovate it if I was selling the property! 3 different reno strategies.

    Downstairs is yet to be completed but I thought I would share some progress photos of upstairs.
    Tried to show some before and after photos

    Here are some exterior shots of the house:
    Front.jpg

    Driveway.JPG
    Backyard.JPG

    Here is some of the Carnage part 1

    Kitchen
    Kitchen before.jpg

    Kitchen before 2.jpg
    Master bedroom
    Master Br before.jpg

    Other bedrooms
    2nd Br before.jpg 3rd Br before 2.jpg
    3rd Br before.jpg

    Hallway
    Hall before.jpg
     
    Last edited: 23rd Jun, 2016
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  2. Greyghost

    Greyghost Well-Known Member

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    Part 2

    This is the formal dining that you could see via the hallway. You will see the new wall put up in later pics.
    5th Br before.jpg
    door frame before.jpg
    ceiling before.jpg

    My favourite is the bathroom!!
    Shower before.jpg
    Bath before.PNG
    Bath floor before.jpg
    Bath floor before 2.PNG

    Next I will put up some in progress photos
     
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  3. Greyghost

    Greyghost Well-Known Member

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    Part 3
    In progress:
    Kitchen apart 1.jpg Kitchen dis 2.jpg Kitchen progress.jpg
    Kitchen progress 2.jpg
    Bath floor repair.jpg
    Bath progress.jpg
    Shower base progress 2.jpg
     

    Attached Files:

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  4. Greyghost

    Greyghost Well-Known Member

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    Location:
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    Some more progress
    Master bedroom.
    Only a small storage area, framing up a double wardrobe
    Master robe build.JPG

    This outside area between the kitchen and the master will require some attention. Floor decking will most likely need done
    Outside area.JPG

    The entrance has had new tiles put in (no curtains yet haha)
    Note the new front door has not been painted yet
    Entrance new tiles and door.jpg Entrance tiles.jpg

    Bathroom pre grout and window painted - see a few missing tiles still
    Bath progress 2.jpg

    Bathroom with things packed into it as the floor polishing company is about to arrive
    Looks good once the grout is in on the pic below!

    Bathroom ready for polish.jpg

    Last post will have a few final pics of what it looks like of this morning as the floor polishers are arriving)
     
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  5. Greyghost

    Greyghost Well-Known Member

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    Toilet lol
    Toilet.PNG
    Kitchen before it had been sealed with silicone (bench top etc)
    Kitchen before silicone.JPG
    Kitchen ready for polish.jpg
    Lounge ready for polish.jpg
    Master Br ready for polish.jpg
    2nd Br ready for polish.jpg
    3rb Br ready for polish.jpg
    This is the new 5th bedroom. The wall you can see didn't exist. In the first post there is a hall photo, through the arch this is the room that you can see.
    5th Br ready for polish.jpg


    So overall the property is not a high level fit out, however it is new, clean and looks 100 times better than before. Value has been created with turning the house into a 4 to a 5 bedroom house.

    I will post more photos of it as time goes on, but this is where it is at as of today.

    Hopefully shows those who have an interest in the Logan region and highset type properties the state that some of these properties are in, the work involved etc. A lot of these properties in Logan region are not just a "lick of paint"... Don't always look at these properties with rose tinted glasses on....

    Cheers
    GG
     
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  6. SouthBoy

    SouthBoy Well-Known Member

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    Reno looks fantastic, but does look like a lot of work. How long do you reckon before you have tenants in?
     
  7. Greyghost

    Greyghost Well-Known Member

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    Work would have been done quicker if he didn't have to fly back and forth from cairns, 1 man band!

    Look to advertise soon and have tenants in late July/early August.
    Rental market has softened somewhat with a glut of properties on the market for lease, so we will see how we go.
    I'll post up the details etc.
     
  8. SouthBoy

    SouthBoy Well-Known Member

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    That's a good time to market. This time last year I had a property under reno in neighbouring Marsden, was meant to be completed by Sep-2015, but ended up finishing in Dec-2015. Had tenants in by Feb-2016. Stressful process, but I am sure its worthwhile in the long run. They had a write-up about loganlea in the latest API magazine, about zoning changes and the potential to subdivide at a later time. So land banking now and developing later appears to be the way to go.
    upload_2016-6-23_16-41-6.png
     
  9. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    I wouldn't get rid of that fancy light shade or stars.

    Wow! looks really good:)
     
  10. bob shovel

    bob shovel Well-Known Member

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    Great project! Needs a touch of love but will look a million bucks

    Are the stairs inside or out? Will you do seperate lease or 1?

    Have you thought about leaving out the kitchen downstairs to see if the market wants without? Can always be added later
     
  11. norwoodman

    norwoodman Well-Known Member

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    Looks like things are coming along well! How much are you anticipating to be the overall cost of the renovation and the post-renovation property value?
     
  12. RetireRich101

    RetireRich101 Well-Known Member

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    Now I know what the XXXX stands for....
    upload_2016-6-23_19-30-10.png
     
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  13. Greyghost

    Greyghost Well-Known Member

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    Needed more than a touch of love, but the potential is there.

    Staircase is external (front and rear). No internal staircase.

    In the interest of getting rented and already being a full 5 bedroom house (4 to now 5), it is going to be rented with downstairs not renoed.
    Will tidy it up and actually box in/close off one of the larger spare rooms so only access to the converted garage/living area and also the laundry.
    Leave/box in the bathroom downstairs for now.

    Expecting $500+ rent as is.
    Having downstairs would prob get 280-300 a week. So having it vacant to spend more cash on DIY doesn't make sense ATM.
    Will subsidise the rent for upstairs tenants when looking to complete downstairs.

    So full Reno (kitchen, bathroom, fittings, tiles, paint, re wiring, structural works, split systems etc) around 28k. Holding costs from feb to now have added up. But as mentioned, one man band coming down every other week (annual leave) is not the most efficient way to get it finished, but that is the price to pay.

    As is now cost would be under 360 all up.
    Rental 500-540per week.
    Est resale price (due to potential of block etc) 490++.
     
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  14. RetireRich101

    RetireRich101 Well-Known Member

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    what is the frontage size? it looks pretty side from the photo?

    is there an option down the track, to put a firewall vertically to split them like a duplex?

    that size lot based on Net Density calculation would allow duplex with 2 x (3 or 4 bedroom) and strata title it.
     
  15. Greyghost

    Greyghost Well-Known Member

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    Good point.

    Still legal height for dual living.
    Will set it up as that for now, wait for some growth longer term then consider dev potential once there has been some cyclic uplift.
     
  16. Greyghost

    Greyghost Well-Known Member

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  17. bob shovel

    bob shovel Well-Known Member

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    How good are those polished floors !
    Diy??
     
  18. Coota9

    Coota9 Well-Known Member Premium Member

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    Agreed they look fantastic @Greyghost
     
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  19. Greyghost

    Greyghost Well-Known Member

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    No. But entire house for 2,300 - counter sink, fill, sand and polish
     
  20. S.T

    S.T Well-Known Member

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    I'm not selling anything
    Polished floors came up a treat, wouldn't they be noisy to walk on though if someone is living downstairs?
     
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