What do you think of this property ? Arana hills QLD

Discussion in 'What to buy' started by Sigemup, 15th Feb, 2020.

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  1. Sigemup

    Sigemup Well-Known Member

    Joined:
    31st Mar, 2019
    Posts:
    210
    Location:
    NSW
    Hi guys,

    What do you guys think of this property in terms of IP:

    1. Location.

    2. Is the price right ? if not what do you think is the right price ?

    3. What would be the renovation costs for extensive renovation ? (new floors, kitchen, bathroom, painting, repairs, landscaping etc.)

    4. If used as PPOR could it be done without much renovation to it ? (i.e. as long as everything is functioning and hygienic it should be ok.)


    Thank you



    98 Minto Cres, Arana Hills QLD 4054 | Domain

    98 Minto Cres Arana Hills QLD 4054
     
    Sigemup, 15th Feb, 2020
    #1
  2. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,020
    Location:
    Brisbane
    First thing I noticed was the reasonably high bessa retaining wall on one side. You'd want to be sure that is in good condition.

    The rest of it needs total renovation, new kitchen and bathroom. Kitchen walls look like they are asbestos, and somebody has removed the cover strips (like you can see on the ceiling) and plastered them make the wall flat.

    You could paint and freshen up, but the kitchen and bathroom are so dated and don't "sell the dream" for either rental or for PPOR.

    So, depending on what you want to do, you could do nothing, just clean it up and rent it out.

    Or if you want to live in it and make it much nicer, then the cost is entirely up to you and the level of fit out you want.

    Also I was surprised at how close the city appears to be.
     
    wylie, 16th Feb, 2020
    #2
  3. Elives

    Elives Well-Known Member

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    19th Jun, 2015
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    Location:
    Queensland
    Photo 8/9 not sure who's roof it is but looks like an asbestos roof, and yea kitchen walls and ceiling appear to be asbestos could be that masonite product though.
     
    Elives, 16th Feb, 2020
    #3
  4. Codie

    Codie Well-Known Member

    Joined:
    6th Mar, 2018
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    Location:
    Brisbane
    Domain has a street profile section where you can view every other house on the street that's sold recently, should give you some comparable's.

    $470k seems reasonable at first glance given the size of the block, a couple 3bedders last year sold at this range and things are hotter now days. 71 minto sold for $520k in November and that needed a ton of work as well.

    Living in it as a PPOR is entirely up to you and if you can make improvements whilst your there. I think you would struggle to find a tenant and it would be at low rent.

    If you were to pay someone else to do everything you listed, you could easily run up $80-$100k
     
    Codie, 17th Feb, 2020
    #4
  5. Rich2011

    Rich2011 Well-Known Member

    Joined:
    9th Aug, 2015
    Posts:
    1,315
    Location:
    Brisbane
    For a rental I'd do a new cheap basic white kitchen, new paint and flooring throughout, new light fittings and blinds. From the one pic in the add I think the bathroom looks ok, you'd need to check for any leaks.

    Very rough numbers:
    New kitchen 10k
    Painting 3-4k
    Floors 3k
    Blinds 1-2k or much less from Spotlight
    Electrical install new lights and other misc such as power points/light switches/exhaust fan 1-2k
    Yard tidy up and fencing? Hard to tell from the pics.

    Is it going to be a rental or PPOR?
     
    Rich2011, 17th Feb, 2020
    #5