looking at sydney, interested in what people think about this. 8 Merinda Avenue, Epping, NSW 2121 The house is almost worthless. Dated everything but brick. Rent might be 600pw. Yield is 3%. But price is basically all land. Not the best location, slopes down and close to main road.
I wouldn't say the house is worthless. Definitely in dire need of a renovation but appear to be classic "good bones". Possibly some residual noise from the M2 but looks far enough away on face value. Good block size but would be better if current dwelling was closer to the front. It all depends on what your plans are? - Andrew
Slopes to the rear but there is a creek and possibly council infrastructure to connect drainage. Decent sized block, good bones etc. Possibly wide enough for a duplex if knocked down.
I attended this auction today.. only 2 bidders made a bid. Neither met the reserve, so the higher of the 2 bidders was shown the reserve and they agreed to it - $1.04m. The house is definitely not worthless - needs new flooring everywhere, definitely new kitchen and a bathroom. Biggest Problem in my opinion - very steep downward slope for the first 7-8 metres of the block - practically dangerous to walk on it. But a very quiet spot - no noise from m2 or the main road. Wondering how much a renovation would cost ... 100K?
Worthless? I could fix that house so it looks like a million bucks. All it needs is some TLC and some nice updated designs to bring it back to life. It doesnt even look like a bad or tough reno at all.
It's already a million buck house. You'd have to improve it to look at least like a $1.2 million buck house!
I do not like goat blocks, but the house looks ok too me, many of these era houses will be around for a long time, many of the pine ones have bows in roofs etc, only downside is I would say the 2k era are much better due to insulation, so take all the sheeting off and insulate and better windows etc. not 100k, 100k goes away very quick on renos even if doing a lot of the work yourself or getting cheap trades, 50-100 for a quick turnover... 200k or so for a nice job and comfortable end product.
I think the buyers did extremely well with it. Its completely livable, its easy enough to get to the station, the land looks wide, it looks quiet and traffic free, its in the Cheltenham Girls catchment area. At the peak it would have sold for at least 4 or 500k more. Only "downside" is the front slope but at the peak it would have been an easy sale.
