22 EBOR AVENUE

Your
Property

 

In this section, we take a dive into the nitty-gritty of the property - 22 Ebor Avenue, Mile End. We analyse the property itself, its surrounds and the numbers that matter. We also take a look at the comparable sales in the area and how they stack up against the property.

The Numbers

3 - Bedroom

2 - Bathroom

2 - Car space

House/Unit/Townhouse

House

Orientation

Front: East

Rear: West

Size

Floor: 144m2

Land: 418m2

Main Road

No

Pool

No

Block Topography

Flat

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Sale Method

Private Treaty (currently off-market)

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Asking Price

$630,000 - $650,000

Purchase Price
20th March 2020: $644,900

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Rateable Land Value

$425,000 (approx)

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Leased or Owner Occupied

Owner Occupied

Last Sold

$445,000 in 10/2013

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Listing Date

N/A

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Reason for Selling

Upsizing

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Vendors Motivation To Sell

Moderate

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Vendors Preferred Settlement Terms

As short as possible

Types of Buyers (OO/Investors/FHB)

Owner Occupiers & Investors

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​Current Offers

None as yet

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Appraisal

$630,000 - $653,900

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Rental Appraisal

$440 - $460 per week

Renovation Allowance (circa)

$10,000

Distance to Public Transport

Bust Stop 5, Henley Beach Road: 280m (3min walk)

Mile End Train Station: 1.7km

(21min walk)

Distance to Shops

Henley Street Shopping Precinct: 280m (3min walk)

Brickworks Shopping Centre: 1.7km (21min walk)

Vacancy Rates

0.60% of properties in Mile End are vacant we like this to be under 2%.

 

Auction Clearance Rates
72%

 

Ratio of Renters to Owner Occupied

47% are renters / 53% are owner-occupied and/or purchasing. We like renters to be under 35%. More owner occupiers generally mean properties are better looked after in the area and there is a greater demand for tenants

The Documents

Contract of Sale

Form 1

Building & Pest Report 

Solicitor Contract Review

Purchase Advice

The Recommendations

 

Insurance

Building, contents & Landlord 

Approx. $2,200 p.a

 

Property Managing Agent

Milk Chocolate

 

Tax Depreciation Schedule

BMT

$770 + GST

The Stats

Distance to Airport

Adelaide Airport

  • Car: 3.1km, 5min - 9min depending on traffic conditions

  • Public transport: 23min - 10min (700m) walk to Stop 4 South Rd - East side, 13min (12 stops) bus ride to Adelaide Airport

 
Services direct routes to all major domestic cities and many international destinations

Distance to CBD

Adelaide CBD (Central Market)

  • 3.1km as the crow flies

  • Car: 4.0km, 7min - 18min depending on traffic conditions

  • Public Transport: 23min - 4min (300m) walk to Stop 5 Henley Beach Rd - North side, 12min (8 stops) bus ride to Stop E3 Currie St - North side, 7min (550m) walk to Central Market

  • Bike: 4.1km, 16min

Walking Distance

  • Chemist: 4min (300m)

  • Clinic: 4min (350m)

  • Gym: 5min (350m)

  • Grocery Store: 5min (400m)

  • Cafe: 5min (400m)

  • Restaurant: 6min (500m)

  • Hairdresser: 7min (550m)

  • Church: 10min (750m)

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Our Thoughts

Summary: Confirmed 1920's build freestanding cottage that has undergone a sound restoration. The execution of existing works is high, especially in the original component of the house. The kitchen area is a little tired and the presentation is lacking a little due to the current owner's furniture and floor coverings in the kitchen. The rear yard area provides significant undercover entertaining, lawn area and storage shed, in addition to the garage with drive through access. Bathrooms are a little tired with the main missing a bath, however, this would not stop the property from attracting a quality tenant and will provide the potential for additional value add.

Location: This home is located in the heart of our target region in Mile End, 4.6km from the CBD and easy walking distance to the central precinct of Mile End and Torrensville on Henley Beach Road. There is a bus stop providing city transport only a 280m level walk away.

 

Opportunities: There still appears to be potential for further value add by expanding the shared bathroom into the current "study" space to incorporate a bath and up-spec the presentation. This would enable us to more intelligently configuring the remaining space to increase functionality and presentation. A more subtle colour scheme and updated floor covering would also prove beneficial from a re-sale perspective. This home is also free-standing with plenty of off-street parking along the southern boundary which positions this home as a more appealing option in comparison to neighbouring maisonettes.

 

Risks: There is only one genuine living area, which is not uncommon for houses in this region and the existing bathrooms are awkwardly configured with a dated presentation.

 

Our Recommendation: This property sits as a very sound option for your investment strategy in Adelaide, although toward the top end of our budget it offers a free-standing home with a reasonable block size of 418m2 and a 3,2,2 configuration with the majority of the hard work completed, enabling the option for an immediate lease to be sought. If your review is satisfactory we would suggest actively pursuing this property prior to the home commencing a full marketing campaign.

Purchase Strategy

We have completed the property valuation and as you can see, we are sitting between $630,000 - $653,900. Buying in at the max purchase price of $653,900 sees your total purchase costs at c. $189,455.00 (with a 20% deposit). We are comfortable buying in at this range, but ultimately we want to ensure we get it for a cost-effective as possible, whilst remaining competitive enough to remove the vendor's desire to take the property to open market. To achieve this, we may need to pay a small premium. So it's about offering enough to meet their expectations, without going too low they dismiss the genuine nature of our offer.

 

The Numbers

Logical: $600,000 - $635,000

Emotional: $640,000 - $660,000

Target: $630,000 - $653,900

Total Purchase Costs: $189,455.00 (with a 20% deposit) @ max. target price

Rental Return: $460/wk Monthly Holding Costs: -$49.60 per month

Offer

First offer: $639,790 on a letter of offer form which looks to be respectful of the owner's guide price but demonstrates we have given due consideration to the property and have started with our best and strongest figure. 

BAFO: $644,900 (odd number shows we are scraping the barrel).

Terms

  • Deposit: 10% Once accepted, contract reviewed and B&P completed

  • Building & Pest: Completed prior to an unconditional offer

  • Finance: N/A

  • Settlement: ASAP: we will be guided by the lender

  • Additionally: We will request access to the property during the settlement period for tenant viewings, professional services and trades access. We will also request access to sales photography for the purpose of leasing the property online.

Next Steps
  • Fiona to review the numbers and recommendations and provide advice to proceed by completing letter of offer form (completed)

  • MC to submit offer to agent and nurture process to acceptance and keep Fiona updated along the way

  • MC to share the contract with your preferred solicitor for review once offer is accepted.

  • Once offer is accepted, engage building & pest report and bank valuation

  • Review building & pest report and provide Fiona with our advice/recommendations

  • Fiona to confirm the advice

  • MC to supply the Purchase Advice and COS for Fiona to sign via DocuSign. Fiona to complete in DocuSign

  • Fiona to transfer the 10% deposit to the agent's sales trust account

  • Contracts exchanged unconditionally (pending a positive bank valuation)

What's Around

Demographic

Housing Commission Heat Map

11% of residents rent from a state or federal housing authority in Mile End, SA. The neighbouring suburbs of Thebarton (North), Adelaide (East) and Hilton (South) all sit at 8%. The suburb of Cowandilla (South-West) sits at 9% and Torrensville (West) sits at 5%.

7% of residents rent from a state or federal housing authority in the block the subject property sits in. The two blocks to the North sit at 2% and 4% respectively. The block to the East sits at 4%, the block to the South-East sits at 7%, the block to the South sits at 11% and finally, the block to the West sits at 4%.

Comparable Recent Renovated Sales 

Here we provide the most recent sales in the area that are no more than 1km from your property and not older than 12 months. We also provide a rating (superior, equal or inferior) of the comparable property against your property across three categories; market timing, location and overall. Generally speaking, if the property ranks overall inferior, then we can expect your property to be valued higher and vice versa if rated superior. Market timing refers to the strength of the market when the comparable property was purchased compared to now.

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GOVERNMENT SCHOOL CATCHMENT ZONES

Primary:

Cowandilla Primary School

In the top 91st percentile of SA schools

NAPLAN results reveal that when compared to schools with similar students, Cowandilla Primary School students rated from around average to above average. However, when compared against All Australian students, the selected school's average is around average

1.0km as the crow flies, 3min (1.3km) by car, 16min (1.3km) walk, 5min (1.3km) by bike

Reception - Year 7

Capacity for 436 enrolments

Latest Annual Report

 

Secondary:

Undertale High School

In the 70th Percentile of SA Schools

NAPLAN results reveal that when compared to schools with similar students, Underdale High School students rated from around average to below average. Moreover, when compared against all Australian students, the selected school's average ranked from substantially below average to below average

1.9km as the crow flies, 5min (2.6km) by car, 11min by public transport, 32min (2.6km) walk, 10min (2.6km) by bike

Year 8 - Year 12

Capacity for 501 enrolments

Latest Annual Report

* 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.