Kumbari
30 Kumbari Cres, Mitchelton
The Numbers
3 - Bedroom
1 - Bathroom
1 - Car space
Total Space - 607m2
Internal Living Area - 110m2
Private Treaty
$619,000 +
Our Target Purchase Price
$610,000
Estimated Rental Return
$450/wk
Gross Rental Yield (target price)
3.84%
Outgoings
Water & Rates - $900/qtr (approx)
Investment Cash Flow (per month)
Your rent received = $1,950
Your mortgage = $2,450*
Your outgoings = $300 (approx.)
BALANCE = -$800/month
*Based on your CBA pre-approval dated 9th of June and 20% deposit
Renovation Allowance
$12,000
Other Fee's
Professional: Approx. $1,750
Stamp Duty: $22,244 (based on target price)
Milk Chocolate Fee's
• 0.9% on final sale price + gst ($5,490) + gst based on target price)
Total Outlay
Purchase Price = $610,000
Renovation = $12,000
Settlement Misc. Estimate = $1,500
Stamp Duty = $22,244
Professional Fee's = $1,750
Milk Chocolate = $6,100 (inc. GST)
Milk Chocolate Incidentals = $2,500
Milk Chocolate PM fee = $1,200
= $657,294
The Recommendations
Inspections
Building & Pest - Approx. $450 (one off)
Insurance
Full landlord insurance inc. damage, loss of rent, theft, legal and contents
- Approx. $300 p.a
canstar.com.au/landlord-insurance
Quantity Surveyor
Tax depreciation report -
Approx. $400 (one off)
Leasing Agent
Denovans Real Estate
Harcourt Solutions
The Documents
Contract of Sale
TBC
Title Search
TBC
The Stats
Distance to CBD
8km from the Brisbane CBD.
Population
The population in 2006 was 7,027. Recent data from the 2011 Census suggest the population is now 8,002.
Medium Property Price
The medium price for 3 bedroom houses in Mitchelton is $599,000 (was $593k in June).
Infrastructure Snapshot
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McConaghy Street South Precinct The McConaghy Street South Precinct will contain medium density mixed use development of up to five storeys. The precinct’s location directly opposite the Mitchelton railway station and on a key pedestrian thoroughfare linking the Brookside Shopping Centre and Blackwood Street supports a small component of commercial or retail activities which activates the ground floor frontage to McConaghy Street.
The Details
About The Property
The exterior was in great condition and there was signs of recent improvements to the front of the property which is tastefully done. The outlook from the rear of the house to the backyard and beyond was beautiful - set up high looking out onto bushland. The interior of the property was a little dated and could do with some cosmetic improvements. The agent was keen to advise that prospective tenants wouldn't have any issues with the property condition.
The position of the property is close to bus stops and a short drive/longer walk to the train station. Close to this property is an area of Mitchelton where we see property prices well into the millions. This location is desireable.
The property is well priced and allows you to purchase within budget. The property is currently vacant so there's potential to request early entry to make the improvements and then put it up for lease - ideally still within the settlement period. We know, this is not your desired method and understand others may be prefered.
Agents Advertising Details
Nestled in one of the most beautiful leafy locations in Mitchelton, this tastefully presented residence offers a tranquil family lifestyle embraced by tree-filled outlooks and filtered bush views. It provides a very private haven for living and entertaining with a generous and light filled layout and many tasteful modern updates. The property is presented in excellent condition and holds even further scope to adapt or expand the floorplan to add extra value and appeal.
• Freshly presented with polished hardwood floors
• Smartly renovated kitchen with sleek gas appliances
• Wide alfresco decks and paved entertainment areas
• Spacious rear yard with level lawn and tiered gardens
• Separate studio/home office and large garden shed
• Legal height under house area with workshop and storage
• Air conditioning, storage and extra wide carport
Your Brief Specifics
• 1.5km from the train station - This property is 1.7km (19 minute walk) from Mitchelton train station
• Land size 400m2 block / 120m2 house - The land size is 607m2 and the house is 110m2.
• 10% capital growth / 5% rental yield - We note that the last three years Mitchelton has recorded 17.36% capital growth. There is no way to guarantee that the property you buy will increase in value, but in order to increase your chances, we have carried out detailed research on the property and Mitchelton in general. We estimate that the rental yield will be below your ideal 5%.
Our Thoughts
This property definitely presents value and gets you in the market at an affordable price. Unlike the other two options presented. we would recommend allowing up-to $12,000 for cosmetic improvements. This would be spent in the kitchen, bathroom, paint and fixtures & fittings. Contrary to what the agent believes, we would spend the money upfront to give the property a lift on the inside to match the work completed to the exterior. Sitting on a larger block in a great location, it is definitely worth consideration. We believe $610,000 is the correct value for this property and would suggest an offer short of this to begin negotiations if you were interested in moving forward.
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Investment Data
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RP Data Report
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* 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.