THE OTHERS

Other 
Properties
 
This is a snapshot of the properties we have viewed to date, we provide the numbers that matter, the renovation potential and all other relevant information. 
Our Thoughts
We liked it, but the obvious red flag here is the price point. It's on the cusp of being in the unrenovated bracket which would push it to the mid-high $300's, however, this will push into the low $400k price range. The property offers enormous potential to renovate with a great return on investment, unfortunately, however, the price point is going to be in excess of your comfort level.

156 Hopkins Street, Moonah

 

3 - Bedroom

1 - Bathroom

1 - Car space

 

Size

Internal - 132m2

External - 536m2

 

Orientation

Front: South

Back: North

 

Sale Method

Private Treaty

Vendor Wants: $395k +

Renovation Potential

$30,000

 

Price

Logical: $410,000 - $430,000

Emotional: $430,000 - $450,000

Our Target: $400,000 - $410,000

Post Renovation: $490,000 - $510,000

Rent

Current: $390/wk

Post Renovation: $450/wk

1/1

6 Northcote Rd, Moonah

 

2 - Bedroom

1 - Bathroom

3 - Car space

 

Size

Internal - 87m2

External - 797m2

 

Orientation

Front: South

Back: North

 

Sale Method

Private Treaty

Vendor Wants: $350k +

Renovation Potential

$30,000

 

Price

Logical: $340,000 - $360,000

Emotional: $360,000 - $370,000

Our Target: $330,000 - $350,000

Post Renovation: $430,000 - $450,000

Rent

Current: $330/wk - $350/wk

Post Renovation: $400/wk - $420/wk

1/3
Our Thoughts
We are still working through our due-diligence on this property and may still present this in full. We have some concerns about the vendor's expectation of price, so it will be a matter of getting it at the right price to free up enough funds to renovate. Block size for future extensions and/or developments is great and what we are most keen on. We will confirm with you shortly if this is an opportunity we'd like to investigate further. Update: After completing the due-diligence the numbers didn't stack up for an investment. The property went under offer and was sold on Wednesday 21st.   

811A Doveton Street North, Soldiers Hill 

 

2 - Bedroom

2 - Bathroom

2 - Car space

 

Size

Internal - 145m2 (combined approx.)

External - 1,891m2

 

Orientation

Front: East

Back: West

 

Sale Method

Auction

Renovation Potential

Yes. But the purchase price is at your maximum limit. To renovate in the future, we would recommend an allowance up to $30k.

 

Price

Logical: $410,000 - $430,000

Emotional: $430,000 - $440,000

Our Target: $390,000 - $400,000

 

Rent

Current: $365/wk

1/3
Our Thoughts
We liked the options this property presented, however, we understand it's going to slip past your max budget, unfortunately. The property is currently split into two and it's a dual income producing property. It is in need of a cosmetic tart up, however, we would propose to convert this back to a 3/4 bedroom house to maximise the return and capital growth. To do this, we would allow circa $100k. Again, pushing past your comfort levels here. On a positive, it is currently leased so you wouldn't need to conduct any renovations immediately anyway, it could be completed down the track when you had the finances in place.

1006A Eyre Street, Ballarat Central

 

3 - Bedroom

1 - Bathroom

3 - Car space

 

Size

Internal - 123m2 (approx.) 

External - 469m2

 

Orientation

Front: South East

Back: North West

 

Sale Method

Private Treaty ($385k - $420k)

Renovation Potential

Yes, circa $90k.

 

Price

Logical: $400,000 - $420,000

Emotional: $420,000 - $430,000

Our Target: $390,000 - $400,000

 

Rent

Current: $330 - $340/wk

1/4
Our Thoughts
Not a bad little property and great potential, but it doesn't quite tick the right boxes. Structurally we are concerned with this property and believe there could be significant maintenance and repairs required in the short to medium term. Unfortunately, it's a penny too far in terms of renovation make good for your particular brief. 

312 Neill Street,
Soldiers Hill

 

3 - Bedroom

1 - Bathroom

1 - Car space

 

Size

Internal - 156m2 (approx.) 

External - 244m2

 

Orientation

Front: West

Back: East

 

Sale Method

Private Treaty ($375k - $395k)

Renovation Potential

Yes, potential to push out the back and reconfigure the kitchen, rumpus and dining zones

 

Price

Logical: $380,000 - $390,000

Emotional: N/A

Our Target: $380,000

 

Rent

Current: $290 - $310/wk

1/3
Our Thoughts
Was worth a look but it just doesn't fit the bill for this strategy of buying in a larger regional town. We want to be purchasing a house on land and not a terrace. it doesn't provide the POD and owner-occupier appeal we're after. We are also heavily restricted with what we can and can't do at the back of the property, so a renovation to extend out is possible, but will be met with significant council regulation. Although lands in your budget and we think we could snag it for $380k, we prefer to keep the search going for something better.

8 Ercil Street,
Wendouree

 

4 - Bedroom

1 - Bathroom

2 - Car space

 

Size

Internal - TBC 

External - 608m2

 

Orientation

Front: West

Back: East

Distance

Wendouree Station: 2.1km

(27mins walk) 

Train to Ballarat Station: 7mins

 

Sale Method

Private Treaty ($340k - $360k)

Renovation Potential

Yes, cosmetically internally throughout

 

Price

Logical: TBC

Emotional: TBC

Our Target: TBC

 

Rent

Current: TBC

1/12

New to Site - 17/04

Our Thoughts
Outside of Soldiers Hill, but in Wendouree which still presents plenty of bang for your buck and in close proximity to the Wendouree train station (a direct line to the Melbourne CBD). It's an interesting opportunity given the price and work required. We'd definitely recommend aesthetically updating the property internally, however, it will be a fine juggling act between what we can snag it for and what we believe is required to renovate and bring it up to scratch to rent out. We love the character of the home, the layout and its location, so for us, it comes down to numbers. We will have a firm indication on this after viewing it again and giving it the full reno analysis. 

622 Morres Street,
Ballarat East

 

2 - Bedroom

1 - Bathroom

2 - Car space

 

Size

Internal - 110m2 

External - 493m2

 

Orientation

Front: North/West

Back: South/East

 

Distance

Ballarat Station: 2.4kms

(30mins walk)

 

Sale Method

Private Treaty ($335k - $345k)

Renovation Potential

Circa $50k, but TBC once final viewing is completed

 

Price

Logical: TBC

Emotional: TBC

Our Target: TBC

 

Rent

Potential: $335 - $345/week

(5.2% gross yield) 

1/8
Our Thoughts
This property has taken our fancy due to the large amount of potential it holds. The house was build in 1950 and is basically in original condition, having sat vacant for the past two years, it certainly needs some TLC to be tenant ready. The owners are going through a divorce and we believe an offer of $330K will buy it. What we love is the large parcel of land, sitting at 493sqm, with rear access off Finch St. There is an approved development application in play for an extension and renovation. The large parcel of land surrounding the property has been subdivided and we are just awaiting confirmation from the council as to how many blocks it has been chopped up into. At this stage, we're sitting on the fence until we have that understanding. Nonetheless, we are running our final view of the property and will be able to provide you with an update as to whether or not we believe you should proceed.

Off-Market

425 Armstrong St Sth,

Ballarat Central

 

2 - Bedroom

1 - Bathroom

2 - Car space

 

Size

Internal - TBC 

External - 594m2

 

Orientation

Front: West

Back: East

 

Distance

Ballarat Station: 1.6kms

(21mins walk)

 

Sale Method

Private Treaty ($360K - $390K) 

Renovation Potential

TBC

 

Price

Logical: TBC

Emotional: TBC

Our Target: TBC

 

Rent

Current: $270/wk 

Potential: $300+/wk

(4.13% gross yield)

1/7
Our Thoughts
An off-market opportunity in Ballarat Central that presents a great opportunity to enter this market with a great investor grade property. This property is currently tenanted for $270/wk, however, we believe has the potential for $300+. It sits on a lovely deep block that drops away taking in the district views. The property carries all the hallmarks of a beautiful bungalow, from the wide hallways, tall ceilings and decorative skirting boards and cornices. Great block of land with plenty of potential inside and out. The key here for us is the ability to pickup the property at a price that leaves enough in the kitty to complete some basic internal improvements.
1/9

11 El Ramleh St, Wendouree

 

3 - Bedroom

1 - Bathroom

2 - Car space

 

Land Size: 659m2

Internal Living - 122m2

Orientation

Rear - West

Front - East

 

Sale Method

Private Treaty

Buyers Guide - $359K - $379K

Price Appraisal

Logical Price: $330,000 - $350,000

Emotional Price: $350,000 - $370,000

Our Target Price: $340,000 - $360,000

 

Renovation Allowance

Circa $20,000

Post Renovation Appraisal

$370,000 +

 

Estimated Rental Return

$260/wk (current condition)

$290/wk (post renovation) 

Gross Rental Yield (on max. target)

3.75% (current)

4.18% (post renovation)

Our Thoughts
Click here for our full due-diligence

425 Armstrong St Sth, 

Ballarat Central

 

3 - Bedroom

1 - Bathroom

1 - Car space

 

Land Size: 581m2

Internal Living - 75m2 (approx.)

Orientation

Rear - East

Front - West

 

Sale Method

Auction (02/06)

Buyers Guide - $360K - $390K

Price Appraisal

Logical Price: $370,000 - $390,000

Emotional Price: $TBC - $TBC

Our Target Price: $TBC - $TBC

 

Renovation Allowance

N/A

Post Renovation Appraisal

N/A

 

Estimated Rental Return

$270/wk (current condition)

$300/wk (post renovation) 

Gross Rental Yield (on max. target)

4.13%

1/13
Our Thoughts
We have viewed this property previously and it has been updated really well since we last viewed the property. The tenant has moved out and the owner (who's a painter), has painted internally and externally throughout and laid new carpets in the bedrooms. The property presents extremely well and can be leased in its current condition. The block is skinny, however, you could comfortably extend out 20m (knock down the rear shed) and push up (to take in the district views to the rear). There is still a garden area at the bottom of the property that could be utilised for families etc. This has the potential to be a grand period home where it's business at the front and party at the back. You could have the 4 bedrooms at the front of the property and then extend out from that point to include a large living and dining zone with the kitchen out onto an alfresco eating zone. Going up would allow you to build a master bedroom retreat with separate living - this would take in the district views. Chris said offers prior to auction would be submitted. 

Off-Market

5 Seymour Cres & 223 Havelock St, Soldiers Hill

 

The Opportunity

1 x house (5 Seymour Cres)

1 x block of land (223 Havelock St)

 

Size

House Land Size - 189m2 

Land Size - 290m2

Combined Total = 479m2

Orientation

House Front: North West

House Rear: South East

 

Distance

Soldiers Hill Station: 450m

(9-min walk)

 

Sale Method

Private Treaty 

Price

5 Seymour - $350,000

223 Havelock - $95,000

 

Total = $445,000

 

Rent

Current: $300/wk (until July 2018)

Our Thoughts
The opportunity here is to buy two separate lots that back onto each other. 5 Seymour Cres, Soldiers Hill currently has a small period home on it with the nice district views and 223 Havelock St is a vacant block of land that backs onto 5 Seymour Cres. Both are currently available to us as off-market opportunities, so they are not currently advertised for sale and both lots are owned by separate owners. The house is currently leased for $300/wk and this expires in July 2018. The property itself is quite small and it is not a purchase we'd make as a one-off, we'd only recommend purchasing both to maximise the potential. The house purchase as a stand-alone simply doesn't offer you any opportunities to add value in the future, only if you have the land at the rear.
 
The opportunity exists to combine both lots and extend out of the current house to create one large home, with views and a larger rear yard. Secondly, you could keep both lots separate and build brand new on the land and keep the house on the other lot as is, presenting you a dual income opportunity. 
 
The beauty of this purchase is, you are receiving income from the current house which can go towards paying your combined mortgage.
 
Most certainly an interesting opportunity for you to consider and the obvious elephant in the room is the total all-in cost at $170k and ongoing monthly holding costs of $766. First and foremost you will need to be comfortable with these numbers for the conversation to continue. If you are, then we would come back to you with some numbers on your options in the future and what that could look like. More specifically. 
 
We can confirm, that your bank will lend to you on both purchases if the settlement happens concurrently - which we're comfortable we can line up.

507 Lyons St,

Ballarat Central

 

3 - Bedroom

1 - Bathroom

1 - Car space

 

Size

Internal - TBC 

External - 463m2

 

Orientation

Front: West

Back: East

 

Distance

Ballarat Station: 1.9kms

(25-min walk)

 

Sale Method

Private Treaty ($330K - $350K) 

Dropped from $350k - $380k

Price

Logical: $320,000 - $330,000

Emotional: $330,00 - $340,000

Our Target: $325,000 - $335,000

 

Rent

Current: $250/wk (3.88% rental yield)

Potential Post Reno: $370+/wk

 

Renovation Potential

Both internal cosmetic spruce up and major structural extension to the rear

 

Renovation Allowance

Circa $170k

 

Post Renovation Valuation

$575,000 + 

 

1/1
Our Thoughts
The property is old and dated with signs of wear and tear on the inside and outside. The play on this one is to definitely buy, hold and then renovate at the end of the lease term which is July 2019 (if funds are available). The renovation would be a rear extension adding significant floor space and reconfiguring the internal layout to allow for 4 bedrooms (currently 3). However, in saying that, a really smart internal reconfiguration with no extension, but a separate studio is also possible - click here to view a recent sale in the area like this. There would be some demons in the house so we'd want to allow a 20% buffer for the renovation. The rental yield is not great, so cash flow wise, it doesn't tick the box, however, the play here is with a long-term view to renovate and manufacture equity.
Currently leased until July 2019 for $ 250/wk, the Current tenant is a 60yo woman, no pets, no kids, she's on walking sticks, has a gardener and cleaner - so the property is maintained as well as it could be.

* 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.