We viewed, reviewed and analysed 7 properties on Friday, these were:
• The Little Charmer / The Entertainer / The Wild Card / 4 off-market properties
Of the four off-market properties, we believe one has potential for further thought - 50 Hex Street, West Footscray. Below we have briefly summarised the our thoughts on the property and next steps.
We'd love to hear your feedback based on our findings across the day and how you would like to proceed.
'The Little Charmer'
The property is in good condition and presented well. What was noticeable was the beautiful ornate features on the ceiling and cornices. This was a true reminder of the buildings heritage. The entrance to the house and front rooms feel more art deco in appearance in comparison the rear of the property where it is finished in a more modern way. The rear of the property felt bright and open and the layout in general was fine. The area for the parking spot is on the front lawn and can be accessed by the common driveway to the left of the property. There was ample on-street parking and I would think to park on the front lawn would be more of a hassle than functional. The kitchen was in good condition, but did feel a little dated. This area combined with the meals area did feel a little pokey and small and it would benefit from knocking out the dining room wall to open up the space between the kitchen, dining room and meals room.
The square section at the rear of the block behind the laundry was just a grassed area with a small tree. The backyard in general was small and it would be natural to use the front lawn for children to play, etc. However, the front yard might not be an appealing place to play given the units surrounding and the quality of tenants occupying these units.
The general street-scape was a concern and something that Google Earth / Street View didn't represent accurately in our prelim research. There was 3 unit blocks in close proximately that were run down with 'questionable' tenants lurking around. Close by was the large industrial site which is used currently by an engineering firm. The land is up for sale and is zoned industrial.
The agent mentioned interest was there but no offers had been received. Our target price of $640,000 feels right, but a light turnout to the auction would see offers fall short of this price in our opinion.
Unfortunately our suggestion is to not progress with this property. We are concerned with the immediate neighbourhood and the issues this might have with prospective tenants. The property itself was in good condition, but did feel pokey and the yard space at the front didn't outweigh the lack of yard space at the rear. This would be a deterrent for young families with 1 or 2 kids.
We found this property to be consistent with our findings online and the site inspection reiterated why we have presented this as a good opportunity. Condition wise this ticks the boxes and likewise for functionality. The focus on the property is the living and kitchen area looking out to the rear patio/deck. It felt bright, quiet and tranquil. As you know, this is a block that has been sub-divided into three lots. The house on the front of the block is quaint and in good condition and the townhouse to the rear - smaller than the lot we are looking at- is in good condition and owner occupied.
Even thou the garage has been converted into a bedroom/living area, there is still room to park the car in front of the garage. The car would not impose itself on the shared driveway and is a good alternative to on-street parking.
The upstairs bedroom with it's separate bathroom is a nice adult area retreat.
Given the auction is on the 17th of September, we don't think this property should be disregarded. We would love to get your feedback on this one and we can form a plan if it is one you wanted to pursue.
'The Wild Card'
This property was everything we expected to see - in fact, condition wise it presented better than we had predicted. As we mentioned, it's a property that requires work and that's still the case after viewing the property. The property contains beautiful art deco features that would present incredible opportunities combined with modern thinking and fit out.
The house does take up a large majority of the land leaving alot of unusable space at the front. This was common feedback the agent was getting from prospective buyers. However, by-passing this and looking at the opportunity and the entry price, we still believe this property presents good opportunities.
We would prefer to concentrate on 50 Hex St (below) and let this one go.
'50 Hex St, West Footscray'
This was an off-market opportunity presented to Milk Chocolate that we have been reviewing last week and inspected on Friday. The property is in West Footscray and we believe is well worth your consideration. The property is now live on realestate.com.au and goes to auction on the 24th of September. It's a beautifully renovated weatherboard home in a great leafy street of West Footscray. Tottenham station is minutes away by foot and this one ticks all the boxes. Current owners have renovated the kitchen, while the previous owner - a retired fireman - completed the full renovation of this property. It is in fantastic condition and a great entry level investment to Melbourne's growing Inner West.
The property consists of beautiful period elements and a welcoming open plan configuration. Off-street parking to the rear and a nice entertaining deck area helps this property tick all boxes. Two great sized bedrooms and an attic storage space shows everything has been well thought of.
We would like to run our full comprehensive data and research analysis on this property and present it to you formally on your site by the end of the week. If it passes our criteria, we would then recommened putting the steps in place to formally acquire the property. If you see any issues with this, please let us know.
* 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.