1 Lockrose Street, Mitchelton
4 - Bedroom
2 - Bathroom
1 - Car space
Total Space - 748m2
Internal Living Area - 175m2 + 63m2 external living
Our Target Purchase Price
Estimated Rental Return
Gross Rental Yield (target price)
Water & Rates - $900 /qtr (approx)
Investment Cash Flow (per month)
Your rent received = $2,513
Your mortgage = $1,783*
Your outgoings = $300 (approx.)
BALANCE = $430/month
*Based on your CBA pre-approval dated 9th of June and 20% deposit
Professional: Approx. $1,750
Stamp Duty: $22,002.50 (based on target price)
Milk Chocolate Fee's
• 0.9% on final sale price + gst ($5,445) + gst based on target price)
Purchase Price = $605,000
Settlement Misc. Estimate = $1,500
Stamp Duty = $22,002.50
Professional Fee's = $1,750
Milk Chocolate = $5,989.50 (inc. GST)
Milk Chocolate Incidentals = $3,500
Building & Pest - Approx. $450 (one off)
Full landlord insurance inc. damage, loss of rent, theft, legal and contents
- Approx. $300 p.a
Tax depreciation report -
Approx. $400 (one off)
Denovans Real Estate
Contract of Sale
Rental Comparable Market Analysis
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.
About The Property
Large block of land placed on a junction where Lockrose St, Kooya Rd and Karabin St all meet. The property has two addresses, however, the agent has advised that it's not strata titled. The property is a mix of existing and new features and as such, can present a little awkward. In saying that however, it still ticks all the boxes of a great investment property as a 4 bedroom home with three bathrooms and two living areas. There was two interesting quirky features, one being the random room off the back of the ensuite which was purpose built for a bathtub - but no tub has been installed; the second, the 4th bedroom adjoins the garage with a sliding glass door. So it seems the gararge was built after the house and they have built this flush to the property. It's not a problem, but just not something you always see. The property is located on a flat block in a really nice part of Mitchelton, where bugger 5 bedroom brand new homes sells for over $1 million dollors.
Agents Advertising Details
If you are looking for a low maintenance, low-set home in Mitchelton then look no further then 1 Lockrose Street. This rendered home has modern finishes throughout and is positioned on a fully fenced 748m2 allotment. Featuring a caesar stone kitchen, porcelain tiles, floor to ceiling tiles in the bathroom and much more, there really is nothing left to do but unpack and be the envy of your friends & family.
For your further consideration:-
* The kitchen has caesar stone counter tops, induction cooktop, dishwasher, breakfast bar
* Two living rooms creating space & separation
* Plantation shutters & crimesafe security screens
* Master bedroom has a walk-in robe, ensuite & air-conditioning
* 2nd bedroom has built-in robes, a study nook & is air-conditioned
* Main bathroom has stunning floor to ceiling tiles & shower over the bath
* Large fully fenced backyard with orange trees & mango tree
* Outdoor covered patio area that flows off the living room
Your home is positioned in a quiet pocket of Mitchelton and is close to schools, parks & is a short drive to shops & Blackwood St precinct.
Your Brief Specifics
• 1.5km from the train station - This property is 2km from Mitchelton train station.
• Land size 400sqm block / 120sqm house - The land size of this property is 748m2 and the house is 175m2 + 63m2 (covered patio).
• 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%.
From the street and upon entry this property certainly catches the eye. It presents nicely in a well established and desirable part of Mitchelton. The internals of this property definitely present better in the photos than to the naked eye. It had some interesting quirks to it, such as a random room off the main ensuite that was originally built for an indoor/outdoor bath tub. There is not bathtub here so it is a random room next to the shower. However, if you put a bathroom there it could be a great asset! The living and dining to the rear of the house was originally a sunroom and this has been converted. It works well, however, it's not legal height for a bedroom if you wanted to convert it (not required i wouldnt think).
The garden is adequate size, combined with the outdoor patio. The blue building is the next door nighbours wall (they painted it blue). Along one side of the boundary there was a low see through fence, so essentially no privacy to that side. Recommended to install a standard fence there to create more privacy. The internal living areas were nice, however on the smaller side for a 4 bedroom house.
The owners are two adults and 4 children and they have just brought a 5 bedroom home around the corner as this property was too small for them. They have rejected an offer of $590,000 as they would like to see a 6 at the front of any offer. After viewing the property, i would set a max purchase price at $605,000 with an initial bid of $592,000.
Suburb Specific Data
RP Data Report
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What Social Media Is Saying
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