THE OTHERS

Food For
Thought

Here are properties we have sourced and are currently reviewing. 

21 Clifford Street, Torrensville

The Numbers

 

2 - Bedroom

1 - Bathroom

1 - Car space

 

Size

Internal - 107m2

Land - 352m2

 

Orientation

Front: East

Rear: West

Sale Method

Auction (14th of December)

Asking Price

If it goes to auction they will set a guide at $615K

Vendors Motivation To Sell

Ready to move

(If auction) Willing to sell prior

Yes

Quick Appraisal

Logical: $575,000 - $585,000
Emotional: $585,000 - $610,000
Target: $575,000 - $596,000

Current Offers

None

Quick Rental Appraisal

$390 - $420/wk

Renovation Potential

None

Distance to Public Transport

Mike End Station: 2.3km (29-min walk)
 

Distance to Shops

Brickworks: Major shopping centre (13-minute walk) and local shops available on foot within 2-minutes on Henley Beach Road

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

Our Feedback

A really nice stone-fronted maisonette that has just been recently renovated - and a smart one at that. You are naturally greeted by the old 1900's charm upon entry with the high ceilings, wide hallways and exposed fireplaces littered throughout. Two really decent sized bedrooms to the front through to a more formal living room. Past this is part of the new extension where there is a new kitchen, bathroom and laundry zone, all tucked away neatly within this space. There is then a nice open living room to the rear that opens out onto the outdoor living space. What is nice is the open grassed gardens, through to the rear shed and then garage tucked away to the side rear. This is not all that normal for maisonettes, however, the land has been utilised nicely.

Parking to the property is accessed off the side street and is situated to the rear of the property. The way it is positioned however is good given it does not take away space from the garden/lawn area. 

The property has only just come onto the market and there are no current offers. However, although it is scheduled for auction on the 14th Dec, the agents appear very keen to sell prior. In Adelaide, if that's the case, we would put our offer forward, and then they give everyone the chance to make an offer who have viewed the property, generally within 24hrs. The offer would need to be unconditional (auction conditions), so a building & pest report can be purchased and reviewed prior.

Next Steps

We have valued the property at $575,000 - $585,000 from a logical standpoint and an emotional range up to $610,000. As indicated, the agent has stipulated that the offer would need to be at the $615,000 for the vendors to consider selling prior to auction. Our valuations are indicative of comparable sales (logical range), however, what we are seeing on the ground are extremely low supply and high demand. Hence why we have posted the emotional range up to $610K. This is $5K shy of what they are chasing to sell prior to the auction. We have no doubt if it went to auction, it would most likely surpass that number and go into the 620/630 range.

Given our valuation and the agent's feedback, we are still a little far apart. However, given you are keen to get into the market, you have the option to make an offer at the $615,000 range knowing it will be paying slightly overs. If this is the case, the agent has had a building & pest report completed and we can purchase this and review it. If that stacks up, then an offer in writing can be put forward.

1/14 Wainhouse Street, Torrensville

The Numbers

 

3 - Bedroom

2 - Bathroom

4 - Car space

 

Size

Internal - TBC

Land - 315m2

 

Orientation

Front: West

Rear: East

Sale Method

Private Treaty (Best Offer by 13/12/19)

Asking Price

TBC

Quick Appraisal

Logical: TBC

Emotional: TBC

Target: TBC

Current Offers

None

Quick Rental Appraisal

TBC

Renovation Potential

None

Distance to Public Transport
Bus Stop: 250m (3-min walk)

Mike End Station: 1.7km (22-min walk)
 

Distance to Shops

Henley Beach Rd: 150m (2-min walk)

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

Our Feedback

We viewed this property, and unfortunately, it's nothing to write home about. It was going to be an out of the box option for your consideration, but it was a home built approximately 10 years ago but has dated really poorly. Location is good, but as a long term investment, it lacks character and the POD we are chasing.

58 Meyer Street, Torrensville

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

The Numbers

 

2 - Bedroom

1 - Bathroom

 - Car space

 

Size

Internal - TBC

Land - 332m2

 

Orientation

Front: TBC

Rear: TBC

Sale Method

Off-Market

Asking Price

TBC

Quick Appraisal

Logical: TBC

Emotional: TBC

Target: TBC

Current Offers

None

Quick Rental Appraisal

TBC

Renovation

TBC

Distance to Public Transport
Bus Stop: 300m (4-min walk)

Bonython Park Station: 1.9km (24-min walk)
 

Distance to Shops

Brickworks Marketplace: 500m (6-min walk)

Our Feedback

We are yet to view this property as it's off-market and we found this via social media. The home is on Airbnb and the owner is trying to line up a time to get us through to take a look.

54A Cuming St, Mile End

The Numbers

 

2 - Bedroom

1 - Bathroom

1 - Car space

 

Size

Internal - 108m2

Land - 416m2

 

Orientation

Front: South

Rear: North

Sale Method

Auction, 9th Nov

Asking Price

$600K

Quick Appraisal

Logical: $600,000 - $620,000 Emotional: $620,000 - $635,000 Target: $600,000 - $635,000

Current Offers

None

Quick Rental Appraisal

$420 - $440/wk

Renovation Potential

Allow $5k upfront to tart up the kitchen and bathroom for lease. Opportunity long-term to extend and add a bedroom, living space and DLUG (c. $120K)

Distance to Public Transport
950m (12-minute walk) to Mile End station

 

Distance to Shops

Brickworks - Major shopping centre (8-minute drive) and local small shops available on foot within 5-minutes

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

Our Feedback

A beautiful character-led maisonette (semi-attached) in one of Mile End's premium streets. The home has aged like a beautiful red wine, getting better by the day. Being over 100 years old, it has stood the test of time and internally, those beautiful features stand loud and proud.
 
Being on the city side of South Rd, it ticks a lot of boxes, and just recently, the school zoning changed and this house now falls into the Adelaide High School and Adelaide Botanic High School catchments. It's within walking distance to the CBD and recently built hospital. Mile End above-ground train station is only a 950m walk away also. To the west, the iconic Henley Beach and Glenelg Beach are only a 15-minute drive.
 
The street itself is littered with $800K + properties, and it is easy to see how these will soon all break through the $1M mark. The home itself is full of character, with two great sized bedrooms and a separate formal lounge room. Past this, the kitchen, bathroom and laundry are old and dated, however, still very much functional at this price point. To the rear, is a large substantially sized rear yard that is north facing. Flaherty lane runs behind and would eventually provide rear lane access with a double garage possible. Long-term, the home has plenty of opportunities to push out and add value. There is the opportunity to convert the current living room into a third bedroom and then recreate and extend from the kitchen, where you could create a new open kitchen living and dining space out onto a rear alfresco zone. To the very rear, is the opportunity to add the double lock-up garage, turning this 2, bed, 1 bath, 0 car house into a 3 bed, 2 bath, 2 car home. Of course, this is not in your strategy, but it's good to understand this from a value add, resale point of view, as your purchaser will have these options and therefore pay a premium to acquire the home.

22 Hounslow Avenue, Torrensville

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

The Numbers

 

3 - Bedroom

1 - Bathroom

3 - Car space

 

Size

Internal - 112m2

Land - 488m2

 

Orientation

Front: South

Rear: North

Sale Method

Auction, 9th Nov

Asking Price

$590K

Quick Appraisal

Logical: $580,000 - $610,000 Emotional: $610,000 - $625,000 Target: $580,000 - $625,000

Current Offers

None

Quick Rental Appraisal

$430 - $450/wk

Renovation

None required

Distance to Public Transport
2.5km (30-minute walk) to Mile End station

 

Distance to Shops

Brickworks - Major shopping centre (6-minute drive) and local small shops available on foot within 5-minutes

Our Feedback

A freestanding 1920's sandstone abode which ticks a lot of boxes. From the street, you immediately notice the frontage and curb appeal. And following through, when you walk inside, the character oozes within and you feel an instant connection with the exterior. Definitely not considered renovated, it is neat, tidy and ready to be leased. The home has three well-contained bedrooms at the front of the property, a central living zone than out the back to the kitchen, dining and wet areas. Whilst the layout is a little 'odd' with the bathroom to the rear, it is absolutely cookie-cutter material for homes in this area of this vintage. The kitchen is a decent size, and whilst a 'little ugly', certainly functional and not worthy of any additional works. The bathroom and laundry have been recently updated and are definitely nice. The rear alfresco area and green garden zone is beautiful and perfect size for this home. Not too much maintenance for a tenant by any stretch of the means. Down the side of the property is the undercover garage which can easily accommodate 3 cars, whilst there is a significant sized shed behind this. The way it has been built/designed, you can't park cars in here, however, with some minor structural alterations to the alfresco area, this could be changed, however, not necessary.

The home is located in Torrensville and the western zone of the suburb. To note, Hounslow Road borders Cowandilla, and properties on the other side of the street are classified as Cowandilla (median is $95k less than Torrensville). As a negative, the flight path is not too distant from the property and in the time I was at the property (25-minutes), two domestic aircraft flew over. Whilst not worthy of stopping the conversation, it certainly is noticeable. In this instance, it's not a show stopper for me as the home spec, location and character all outweigh the aircraft noise. 
The property will most likely goto auction and they don't believe pre-auction sales will cut the mustard with this vendor. 

19 Oakington Street, Torrensville

The Numbers

 

2 - Bedroom

1 - Bathroom

2 - Car space

 

Size

Internal - 106m2 (plus verandah and porch)

Land - 386m2

 

Orientation

Front: West

Rear: East

Sale Method

Private Treaty

Asking Price

$529K

Quick Apraisal

TBC

Current Offers

TBC

Quick Rental Appraisal

~$430/wk

Distance to Public Transport

Bus Stop: 200m (3-min walk)

Distance to Shops

Henley Beach Road Shops: 200m (3-min walk)

Our Feedback

Tastefully renovated, spacious 2-bed Federation semi in pretty residential street with plenty of period homes. The property sits on a good, flat block set up for entertaining with a wooden deck and fire pit. It's also close to transport, shops and cafes and would rent comfortably within the quoted range, delivering a handy 4.2% yield. However, the main problem with this property is the dysfunctional floor plan configuration.
 
Specifically the only bathroom (and also the study) is at the rear of the house and only accessible via the kitchen. Reconfiguring this to provide a more user-friendly, functional layout would be a significant exercise.

4 Stevens Street, Croydon Park

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

The Numbers

 

3 - Bedroom

1 - Bathroom

2 - Car space

 

Size

Internal - 113m2

Land - 448m2

 

Orientation

Front: North

Rear: South

Sale Method

Private Treaty

Asking Price

$510K - $540K

Vendors Motivation to Sell

Keen - need the funds for their home that they're building

Passed in at auction. $491K max bid

Quick Appraisal

TBC

Current Offers

None

Renovation Allowance (Circa)

None

Quick Rental Appraisal

Current: $420/wk

Distance to Train Station

Kilkenny Railway Station: 2.6km

(33min walk)

Bus Stop: 180m (2min walk)

Our Feedback

Corner block home with a sense of character that is amplified by the sandstone frontage on the home. Originally a red brick 1950's home, they have brought back the charm with the sandstone features. The front yard is large and enclosed which is perfect for tenants with pets and kids. Likewise, the rear yard is enclosed and part concrete (undercover) and part grass (exposed). Internally the home presents really well and the tenants come across as being really clean and tidy. They look after the home really well and the lease is in place until October. They are paying $390/wk and have expressed an interest to stay on. Our quick appraisal sees the rent value at $420/wk.
 
Some really nice original features in the home and some modern updates, so the house is a little eclectic, but still presents really well with plenty of natural light. Gas cooking in the kitchen and a smartly updated bathroom mean the two big ticket items tick the boxes from a buy and lease perspective. Given the age and structure, there was no noticeable signs of cracking or movement.
 
There is three bedrooms, all of which don't have any robes. The master feels like it would be the only one that could accommodate a robe, whereas the other two rooms are small in proportion. The smaller rooms also back onto the entertaining zone which is not desirable.
 
Surrounding homes are mostly low rise brick homes, without much character. There is also noticeable small developments in the area (villa's not townhouses), which is generally something we are not keen on.
 
All in all a nice home, but a few too many functional concerns to move past it.

47 Main Street, Beverley

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

The Numbers

 

3 - Bedroom

1 - Bathroom

2 - Car space

 

Size

Internal - 120m2

Land - 403m2

 

Orientation

Front: North

Rear: South

Sale Method

Private Treaty

Asking Price

$489K - $499K

Quick Appraisal

TBC

Current Offers

Offers under ask and one party in negotiations, but want a settlement in 2020

Renovation Allowance (Circa)

None

Quick Rental Appraisal

Current: $420/wk

Distance to Train Station

West Croydon Railway Station: 1km

(14 min walk)

Our Feedback

On a quiet pretty street, this home is set on the corner of Main and Watson St. Character homes aplenty in really close proximity, but also in close proximity is industrial zones. Given it's only 1km to the closest train and shops, with three schools in close proximity, the location is central. The home itself has been fully renovated recently and no one has lived in the home since. Renovation was polished, but not high spec by any means. However, it presents well and will lease without too much trouble in the quoted range. There is a lack of green space in the rear, with the front green zone being the largest space. However, it is not fenced in, presenting some concerns for security and privacy if you had young children and pets.
 
The property has been on the market since May, with the key sticking point being $500k +. Much more momentum now in a reasonable price bracket.

53 Hayward Avenue, Torrensville

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

The Numbers

 

3 - Bedroom

1 - Bathroom

2 - Car space

 

Size

Internal - 113m2

Land - 365m2

 

Orientation

Front: East

Rear: West

Sale Method

Auction (September 28)

Asking Price

No price guide given by agent

Vendors Motivation to Sell

Keen

Willing to sell prior to auction

Yes

Quick Appraisal

Logical: $540,000 - $555,000 Emotional: $555,000 - $565,000 Target: $540,000 - $565,000

Current Offers

None

Renovation Allowance (Circa)

None

Quick Rental Appraisal

$450/wk (53A, the property to the rear, was leased for $450/wk in 2016. 53 would be considered superior) 

Distance to Train Station

Mile end Railway Station: 2.8km

(35min walk)

Bus Stop: 450m (6min walk)

Our Feedback

We love this home. Immediately from the street, you get a great sense of home when standing back and taking it all in. You quickly forget that it is a battleaxe block, however, most importantly, it's the front property of the battleaxe.  The home feels grand and full of character, and you immediately don't recognise that the land size is 365m2. You are greeted on entry by a security gate at the driveway, which can only be opened using a touch pin pad. There is a video screen here which can be viewed and accessed in the kitchen. When you walk through the gates, the front gardens are well manicured and present really nicely. The facade of the property is grand and presents in that fashion. As you walk through the door, internally the internal finishes and style fit the brief, and the character flows through with wide hallways, three big size bedrooms all with fireplaces, ceiling rose and heritage timber trims. The floors have been sanded and varnished and they will be a perfect addition for a rental property, providing that wear and tear barrier. The bathroom is recently renovated as is the kitchen, and both with a neutral taste. The living room adjacent to the kitchen is adequately sized for the home's proportions, notwithstanding the rear courtyard entertaining zone that is undercover also - perfect for entertaining and an outdoor dining zone. There are two small rooms off the back o the property and these have been updated - one is a study space and the other a laundry with separate toilet. Down the side of the property, there is ample undercover parking for two cars (tandem) and a space in front (not undercover) for another. Of course, there is also ample street parking if required. Finally, the home has ducted heating and cooling throughout.
Location wise, we love Torrensville for your brief. On the fringe of the city, a short drive to the beaches and a stroll to Henley Beach Rd Cafe' strip and the Brickwork Marketplace (new shopping marketplace).
We have valued the property between $540,000 and $565,000 and have provided a feasibility study for a $550k purchase and another at $565k. We'd love to jump on a call to discuss this in more detail, as there is the opportunity to purchase prior to the auction (28th Sept).
Next Steps:
• Request Form 1 and contract of sale from the agent
• Commence negotiations and prepare written offer

7 Pegler Street, Beverley

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

The Numbers

 

3 - Bedroom

1 - Bathroom

3 - Car space

 

Size

Internal - 113m2

Land - 630m2

 

Orientation

Front: TBC

Rear: TBC

Sale Method

Private Treaty

Asking Price

$450K - $465K

Quick Appraisal

TBC

Current Offers

None

Renovation Allowance (Circa)

c. $50k

Quick Rental Appraisal

$350/wk

Distance to Train Station

Kilkenny Train Station: 1km (14min walk)

Our Feedback

In amidst high-density industrial properties with the rear neighbour an industrial warehouse. We wanted to view this to understand the internal condition of the home and to determine if there was enough benefit to buy and hold long-term with the opportunity to add value and at later date - or bank on the home being purchased with its neighbours by a commercial business to redevelop. At the price point, it was attractive given its proximity to the city and amenities, but the risk is too high.

15 Talbot Road, Croydon Park

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

The Numbers

 

4 - Bedroom

1 - Bathroom

3 - Car space

 

Size

Internal - 110m2

Land - 392m2

 

Orientation

Front: West

Rear: East

Sale Method

Private Treaty

Asking Price

$429K

Quick Appraisal

TBC

Current Offers

TBC

Renovation Allowance (Circa)

TBC

Quick Rental Appraisal

TBC

Distance to Train Station

Dudley Park Train Station: 1km (13min walk)

Our Feedback

Explored a region well outside your original suburb recommendations for value, however, the area is still well behind the gentrification game and we would not consider a home in this area. The house itself was ok, but not enough value and wow factor to blow us away.

10 Jenkins Street, Cowandilla

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

The Numbers

 

3 - Bedroom

1 - Bathroom

 - Car space

 

Size

Internal - 108m2

Verandahs - 41.3m2

Rumpus/Store - 37.2m2

Land - 470m2

 

Orientation

Front: South

Rear: North

Sale Method

Auction (28 September)

Asking Price

N/A

Quick Appraisal

TBC

Current Offers

Under offer

Renovation Allowance (Circa)

None

Quick Rental Appraisal

$420/wk

Distance to Train Station

Dudley Park Train Station: 1km (13min walk)

Our Feedback

This property sold the day we viewed it, however, we wanted to take a look to get a gauge on the home and how it compares to other properties we're viewing. The price is still undisclosed, so we will not have this info for a couple of more days. The home and area was good, however, positioned directly opposite a large primary school, it would have its negatives given local traffic conditions in the morning and afternoon. The home itself was ok and had been updated, however, we would prefer the property to be more 'finished' for your brief. Nice home, but not quite right.

52 Whimpress Avenue, Findon

Walk Score
Land
Property
Opportunity
OO Apppeal
Overall

The Numbers

 

3 - Bedroom

1 - Bathroom

3 - Car space

 

Size

Internal - TBC

Land - 795m2

 

Orientation

Front: West

Rear: East

Sale Method

Auction - Saturday 14/9

Asking Price

N/A

Quick Appraisal

TBC

Current Offers

None

Renovation Allowance (Circa)

$80k - $120k

Quick Rental Appraisal

$370/wk

Distance to Train Station

Kilkenny Station - 35-minute walk (2.8km)

Our Feedback

We explored this property to get a gauge on the condition and if it was able to be leased as is. We don't believe so, and there are too many warning signs with this home to be encouraged further. Floors were unstable which would indicate either termite damage underneath or wood decay. The rear sunroom zone is not concealed and there are gaps in the floors and windows not sealed/installed properly. There is a gum tree of significant size in the rear garden and if there were to be any future sub-divisions (the only reason we'd look to buy this property), this would be a concern. Notwithstanding the immediate concerns of the leaves and root damage, it may cause. For the reasons above, we have not pursued this further.