VIC Thoughts on this as an IP? - Ballarat VIC 5 B 2 Bath 315-325k

Discussion in 'Where to Buy' started by MaddyG, 3rd May, 2017.

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  1. MaddyG

    MaddyG Well-Known Member

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    MaddyG, 3rd May, 2017
    #1
  2. TMNT

    TMNT Well-Known Member

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    It would only be pos cash flow if you rented it out room by room.
    Would an agent be willing to rent it out like that?

    Insurance?

    I'd seriously pass on it unless you are experienced with room by room letting
     
    TMNT, 3rd May, 2017
    #2
  3. tobe

    tobe Well-Known Member

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    It's kinda close to the uni, so you might get that sort of return from a uni student share house. Have you got an independent estimate of potential rental, or are you going off the selling agents add?

    Price seems reasonable.
     
    tobe, 3rd May, 2017
    #3
  4. JK200SX

    JK200SX Well-Known Member

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    I see all to often when REA's in Ballarat list houses and say they are in Ballarat, when in fact they are in one of the surrounding suburbs of Ballarat!
     
    JK200SX, 3rd May, 2017
    #4
  5. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    I don't see any positive points about this property. Sorry, this is just my personal opinion:
    - Land too sloppy
    - Not a good location far away from CBD
    - Small land content
    - A bit over-priced, given the points above

    Like others above, unless you are into Student accommodation or shared housing stuff, this is a risky one.
     
    Ko Ko Naing, 4th May, 2017
    #5
  6. MaddyG

    MaddyG Well-Known Member

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    Thanks all for the replies! Very helpful :) Will continue to research and learn from PC. Thanks :)
     
    MaddyG, 9th May, 2017
    #6
  7. jodes

    jodes Well-Known Member

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    Doubt you would make $20k per annum unless as others have stated you rented it out by room.

    We own a Federation style renovated 5x1 in Ballarat Central and it's currently rented for $390/ week- and when we had it listed for rent last year the applications were definitely not rolling in !
     
    jodes, 9th May, 2017
    #7
  8. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    The potential rental amount is a bit ambitious. There are homes only a couple of years old that fetch $350 per week nearby, so it'd be tough to get $385 per week for a dated 5 bedder. It is near the school though which is good. I'd be wary of all those big chunks of timber along the side of the house that are presently busily pushing the fence over. Timber laying around like that is potential termite food, so I'd look at it very carefully if you're considering the property.
     
    JacM, 9th May, 2017
    #8
    Corey Batt likes this.
  9. Greyghost

    Greyghost Well-Known Member

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    Real question is:
    What is your budget? Do you need to buy regional?
     
    Greyghost, 10th May, 2017
    #9
  10. MaddyG

    MaddyG Well-Known Member

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    Hi Greyghost, Budget of around 200-250k for this IP. So I am thinking regional is our only option :)
     
    MaddyG, 22nd May, 2017
    #10
  11. Corey Batt

    Corey Batt Well-Known Member

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    Or metro Adelaide/Hobart etc.
     
    Corey Batt, 22nd May, 2017
    #11
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