For Consideration - 2

Brisbane

* Milk Chocolate price data used on this website is sourced and relies upon information supplied by a number of external sources (including governmental authorities). This data is supplied on the basis that while Milk Chocolate believes all the information provided will be correct at the time of writing, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by you, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information on this website through any cause whatsoever and limits any liability it may have to the amount paid to the external sources for the supply of such information.

77 Glen Retreat, Mitchelton

 

3 - Bedroom

1 - Bathroom

3 - Car space

Total Space - 607m2

Private Treaty

$649,000 + 

Our Target Purchase Price

$640,000 - $660,000

We will adjust this once the property has been viewed and appraised

Estimated Rental Return

$450/wk  

 

Gross Rental Yield (target price) 

3.66%

 

Outgoings

Water & Council $500 /qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $1,950

Your mortgage = $1,886*
Your outgoings = $166 (approx.)

BALANCE = -$102/month

*Based on your CBA pre-approval dated 9th of June and 20% deposit

 

Renovation Allowance

Not required at this stage

 

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $23,693 (based on target price).

 

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($5,760) + gst based on target price).

Total Outlay

Purchase Price = $640,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $23,693

Professional Fee's = $1,750

Milk Chocolate = $6,336 (inc. GST)

Milk Chocolate Incidentals = $3,000

= $676,279  

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Agents Description
If you have been searching for a home where all the hard work is done, then the wait is over! This home will appeal to many as it has been tastefully renovated and all you will need to do is move in and enjoy. You will love the open plan feel and the gourmet kitchen with a large gas burner and breakfast bar, stone benchtops and unique lighting. The kitchen and dining flow out onto a large rear undercover deck which overlooks the manicured lawns, double lock up shed and chook run. You can easily entertain friends and family while enjoying the lovely gardens.

This home has many stand out features and they include:

The home has side access and room for 3 cars under cover. There is a single carport with remote door which has easy access up the side to a large 2 car lock up shed. This would be perfect for those who need extra storage for cars, a workshop or man-cave. 

There is an internal staircase which features a large storage area under the house which you can easily use as a rumpus, bedroom, office or kids play area. This is not legal height, however it is a great extra use area.

The home presents very well and has had extensive renovations which include the kitchen and bathroom. The kitchen features an open plan design which has a recessed gas burner, electric oven, large fridge space and stone benchtop with waterfall edge. The bathroom was renovated 2 years ago and features a large shower, basin and storage cupboard. 

Other notable features include: air-con in the master bedroom and living room, built in cupboards, ceiling fans throughout, polished timber floors and a fully fenced 607 sqm block. Parts of the home have been freshly painted inside so you can just move in and relax. 

You will love living in Mitchelton where all amenities are within a short walk. Enjoy trendy cafes, the community feel and the ease of access to public transport. You can easily walk to the Jan Powers Farmer's markets once a month and enjoy a Sunday breakfast at one of the local cafes. Both primary and high schools are a short walk and Brookside shopping Centre is only a short drive away. If you are not already a local, come and see why Mitchelton is a very livable suburb and why you won't want to leave. 

Location: (distances are approximate) 
Mitchelton State School less than 300 m
86 m to the bus on Glen Retreat rd
700 m walk to cafes at the popular Blackwood St precinct 
1.7 km to Brookside Shopping Centre
1 km to Gaythorne RSL 
1.2 km to Mitchelton Library 
1.1 km to Mitchelton train station
Our Thoughts
We viewed and presented this property on our last inspection list. The agent called me over the weekend and advised that the contract/purchase has fallen over and it's now back on the market. The prospective buyer completed a Pest & Building inspection and the report showed termite damage - but no current termites visible. The agent has advised that the vendor will make the repairs to the termite damage now. Having viewed this property, we believe you should be throwing your hat in the ring again. We believe it's value sits around the $660,000 mark. However, given the circumstance, we would prefer to start the process at the $640k mark and work up-to the $660k if required.
 
Nicely renovated and well kept property (bathroom 2 years ago, kitchen 1 year ago). Bedrooms all small to medium size with a nice open plan kitchen and living area. Big bathroom with walk-in shower. Garden is well kept and nice. Could be potentially high maintenance with two greenhouses. There's is a space downstairs that is accessed from a spiral staircase from the living room. The space downstairs is a best described as a 'Concrete Bunker'. The space could be transformed to a separate living area ("man room") or another bedroom if you put in a window. However, don't let this be a deterrent - it would not be an issue for any tenant given the condition and location of the property. 

111 Glenholm St, Mitchelton

 

3 - Bedroom

1 - Bathroom

1 - Car space

Total Space - 696m2

Internal Living Area - 188m2 + 13m2 external areas 

 

Private Treaty

$589,000 + 

Our Target Purchase Price

$589,000

We will adjust this once the property has been viewed and appraised

Estimated Rental Return

$390/wk  

 

Gross Rental Yield (target price) 

3.49%

 

Outgoings

Water & Council $500 /qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $1,690

Your mortgage = $1,736*
Your outgoings = $166 (approx.)

BALANCE = -$212/month

*Based on your CBA pre-approval dated 9th of June and 20% deposit

 

Renovation Allowance

Not required at this stage

 

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $21,229.70 (based on target price).

 

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($5,301) + gst based on target price).

Total Outlay

Purchase Price = $589,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $21,229.70

Professional Fee's = $1,750

Milk Chocolate = $5,831.10 (inc. GST)

Milk Chocolate Incidentals = $3,000

= $622,310.80 

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Agents Description
Set on a flat large block, there is great opportunity to make this tidy post war home, your new home. The charming home has been modernised over time so you can move straight in and plan long term renovations to suit you and your family and you can look at the options to extend, raise or renovate further. There is plenty of storage under the house with extra utility rooms and a single lock up garage. 
 
Ideally located, this home is in a fantastic pocket of Mitchelton where all amenities are within walking distance. City commuters will love the short walk to the train station and you won't have to battle the parking at the station. Enjoy a short stroll to local cafes, shops and day care centres. You will not find a more ideal position. 
 
You will love:
 
The large backyard. The 696 sqm block is flat and spacious and low maintenance. Larger blocks are harder to come by so if you will appreciate the space and there is plenty of room for a pool or a game of backyard cricket. 
 
The potential the home boasts. The home features a modern kitchen and refurbished bathroom so you can move in and enjoy. There is also more storage under the house (not legal height) but this area is very serviceable and great for extra storage. 
 
The position. The home is perfectly positioned close to all amenities that are just a short walk away. Once a month you can enjoy the Jan Power's Farmers Markets which is a popular amongst locals where you can enjoy fresh produce, food and entertainment. 
Location: 
 
2 minute drive to Brookside Shopping Centre
2 minute drive to the Mitchelton Train station
5 minute walk to Childcare centre
6 minute drive to Mt Maria College
Our Thoughts
111 Glenholm presents as a great investment opportunity. It’s ready to lease immediately, close to public transport systems and schools. We believe this property is definitely worth an inspection and presents as a good value option - especially considering the size of the block it sits on. We don’t believe the property requires any renovations at present, however would need to be confirmed post inspection. This purchase does represent an opportunity to add value in a few years. It's an opportunity to get into the Mitchelton market at the lower end - ready to enjoy the capital growth the years ahead present. 

16 Cranbrook St, Mitchelton

 

4 - Bedroom

3 - Bathroom

2 - Car space

Total Space - 551m2

Internal Living Area - 239m2 + 41m2 external living

 

Private Treaty

$699,000 + 

Our Target Purchase Price

$670,000

We will adjust this once the property has been viewed and appraised

Estimated Rental Return

$520/wk  

 

Gross Rental Yield (target price) 

4.04%

 

Outgoings

Water & Rates - $900 /qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $2,253

Your mortgage = $1,975*
Your outgoings = $166 (approx.)

BALANCE = $112/month

*Based on your CBA pre-approval dated 9th of June and 20% deposit

 

Renovation Allowance

Not required

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $25,142 (based on target price)

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($6,030) + gst based on target price)

Total Outlay

Purchase Price = $670,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $25,142

Professional Fee's = $1,750

Milk Chocolate = $6,633 (inc. GST)

Milk Chocolate Incidentals = $3,000

= $708,025  

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Agents Description
Situated in a sought after family friendly neighbourhood, this fabulous property offers a quality lifestyle in a peaceful and convenient location. Set on an elevated 551m2 block, this immaculate and inviting home has more to it than meets the eye with a floor plan that caters and adapts to the everyday requirements of the modern family.

Instantly welcoming, a wonderfully spacious living and dining area exudes a lovely relaxed ambience and seamlessly flow onto a north facing covered deck.

The gourmet kitchen is bright and spacious and features excellent storage capacity, quality appliances, convenient gas top cooking, and stone bench tops. The kitchen easily service’s the adjacent dining area and entertainment deck. An undercover alfresco area out the back is a perfect place to sit and relax while entertaining friends and also offers a great vantage point to keep an eye on the kids while they’re playing in the yard.

The upper level boasts versatile accommodation incorporating three spacious bedrooms and a guest suite/4th bedroom. The master bedroom boasts an ensuite and large walk‐in robe. A light filled bathroom services the additional bedrooms and offers a separate full sized bathtub.

Downstairs provides a multi‐purpose space that could be used as media room, kids play room, or teenage retreat/dual living option and an ensuite style bathroom services this level.

Additional extras include air‐conditioning to the main bedroom and living area, ceiling fans throughout, separate downstairs laundry, an abundance of storage capacity, double lockup garage as well as ample off street parking and side access, which offers a great place to house a trailer, boat or caravan.
Our Thoughts
I have viewed this property only from the outside, as the owner was unavailable to be granted access to view inside. The position of this property is in a beautiful location and from the outside presented really well. It appeared well kept and in good order. The neighbouring houses were all nicely presented offering a great street scape. We have been working with the agent on this one for a couple of weeks. The owner had previously turned down an offer in the same region that our target price sits. The agent disclosed that if the offer was presented again, it would be likely to be accepted as the owner is more motivated to sell now.
Great opportunity with very little to no work required on the property. It does sit at the higher end of your budget, so you will need to provide feedback to this and if you think it is achievable.

97 Church Rd, Mitchelton

 

3 - Bedroom

1 - Bathroom

1 - Car space

Total Space - 539m2

Internal Living Area - TBC

Off-Market

$620,000  

Our Target Purchase Price

$580,000

We will adjust this once the property has been viewed and appraised

Estimated Rental Return

$380/wk  

Gross Rental Yield (target price) 

3.41%

 

Outgoings

Water & Rates - $500/qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $1,646

Your mortgage = $1,710*
Your outgoings = $166 (approx.)

BALANCE = -$230/month

*Based on your CBA pre-approval dated 9th of June and 20% deposit

 

Renovation Allowance

$25,000

 

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $20,795 (based on target price)

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($5,220) + gst based on target price)

Total Outlay

Purchase Price = $580,000

Renovation = $25,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $20,795

Professional Fee's = $1,750

Milk Chocolate = $5,742 (inc. GST)

Milk Chocolate Incidentals = $3,000

Milk Chocolate Project Management Fee = $3,500

= $641,287

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Agents Description
This is a true off-market property so we are light on details and imagery as it stands. Discussions with the agent see this property as being un-renovated and in need of some cosmetic love. The property is currently leased until the 19th of April, 2017 for $390/wk. There's potential they would be open to extending their lease. 
Our Thoughts
This property presents an opportunity to add value through a cosmetic renovation. The property is definitely habitable in it's current state, but it does require some attention. Without viewing the property, but chatting with the agent, $25,000 would be a good budget to go into this with. We believe a fair revised valuation after these improvements would be $650,000 + giving you a minimum gross profit of $41,500.
We understand this is not your prefered method of purchase, however given we are light on currently with properties in a renovated condition in your budget, we have presented this as food for thought. As you know, the management of the renovation is a service Milk Chocolate offers on your behalf and the cost analysis includes our fees.