McConaghy
158 McConaghy Street, Mitchelton
The Numbers
3 - Bedroom
2 - Bathroom
2 - Car space
Total Space - 627m2
Internal Living Area - 110m2 + 80m2
Asking Price (Private Treaty)
$669,000 +
Our Target Purchase Price
$660,000
Estimated Rental Return
$500/wk
Gross Rental Yield (target price)
3.94%
Outgoings
Water & Council $900 /qtr (approx)
Investment Cash Flow (per month)
Your rent received = $2,166
Your mortgage = $2,651*
Your outgoings = $300 (approx.)
BALANCE = -$785/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: $24,659 (based on target price).
Milk Chocolate Fee's
• 0.9% on final sale price + gst ($5,940) + gst based on target price).
Total Outlay
Purchase Price = $660,000
Settlement Misc. Estimate = $1,500
Stamp Duty = $24,659
Professional Fee's = $1,750
Milk Chocolate = $6,600 (inc. GST)
Milk Chocolate Incidentals = $2,500
= $697,009
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
This property presented very well. McConaghy Street is a nice quiet street within walking distance to the main shops and Mitchelton train station. Whilst a little narrow, it was definitely deep enough to create a sense of space. The rear covered patio and yard is the selling point of this property. It was recently completed for the sale and the workmanship is of a high standard. The rear yard and garden is well maintained and provides simple maintenance for any tenant. The front yard / entrance is more dense in terms of trees, plants and landscaping and would most likely require quarterly maintenance to keep it looking nice.
The laundry to the rear of the house is large and looks out onto the deck/patio area. There would be an opportunity to combine this space with the bathroom and create a larger dining area leading out onto the patio. This however, is a minor consideration and would not affect the resale or prospect of attracting tenants.
This house is best suited for a small family with plenty of living space and room for the kids to play in the backyard. Each bedroom has a robe and the main at the front of the house has a walk-in and ensuite. The kitchen is basic, but has everything that you would need in an investment property.
Agents Advertising Details
Perfect for the growing family that loves to entertain all year round, this property is a must see. Boasting an enormous indoor/outdoor living area with a TV lounge and a lush level lawn. Features include:
• 3 Large bedrooms
• Master with walk in robe, ensuite and air-conditioning
• Additional 2 rooms with built in robes
• Huge covered and tiled outdoor entertainment area
• Outdoor TV lounge
• Modern kitchen looking out to entertainment area
• Separate indoor living room
• Private study nook
• Oversized laundry, perfect for a big family
• Double lockup car accommodation
• Whisper quiet location
Situated at the cul-de-sac end of McConaghy St, this home is nestled away behind an established subtropical garden, giving you that peaceful and private retreat like feel, right in the heart of Mitchelton.
Your Brief Specifics
• 1.5km from the train station - This property is 1km from Mitchelton train station and 1.3km to Oxford Park train station.
• Land size 400sqm block / 120sqm house - The land size of this property is 627m2 and the house is 110m2 + 80m2 (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%.
Our Thoughts
We believe the agents have priced this property accurately. The comps we have done on this property see's our valuation at $660,000, so they're not too far off. For us, this ticks all the boxes and provides a very sound and safe investment for you in a great growth suburb. We would recommend making an offer at $640,000 with a 56 day settlement term (8 weeks) to give us enough time to find the right tenant. This offer would be subject to pest and building reports also. Noting our target purchase price of $660,000, we would be happy to advise that this would be a fair price to settle on if the seller wishes to negotiate up from $640,000.
Suburb Specific Data
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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.