For Consideration - 3

Mitchelton

31 Constancia St, Mitchelton

 

3 - Bedroom

1 - Bathroom

1 - Car space

Total Space - 693m2

Internal Living Area - 107m2 + 8m2 external areas 

Private Treaty

No price disclosed 

Our Target Purchase Price

$580,000 - $620,000

We will adjust this once the property has been viewed and appraised

Estimated Rental Return

$450/wk  

 

Gross Rental Yield (target price) 

3.77%

 

Outgoings

Water & Council $900 /qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $1,950

Your mortgage = $1,827*
Your outgoings = $300 (approx.)

BALANCE = -$177/month

*Based on your CBA pre-approval dated 9th of June and 20% deposit

 

Renovation Allowance

More info to be supplied after viewing the property

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $22,727 (based on target top price).

 

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($5,580) + gst based on target top price).

Total Outlay

Purchase Price = $620,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $22,727

Professional Fee's = $1,750

Milk Chocolate = $6,200 (inc. GST)

Milk Chocolate Incidentals = $4,000

= $656,177  

28 Glenore St, Mitchelton

 

3 - Bedroom

2 - Bathroom

2 - Car space

Total Space - 585m2

Internal Living Area - 80m2 + 136m2 external areas 

 

Private Treaty

$610,000 + 

Our Target Purchase Price

$600,000 - $630,000

We will adjust this once the property has been viewed and appraised

Current Rental Return

$500/wk  

 

Gross Rental Yield (target price) 

4.13%

 

Outgoings

Water & Council $900 /qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $2,166

Your mortgage = $1,857*
Your outgoings = $300 (approx.)

BALANCE = $9/month

*Based on your CBA pre-approval dated 9th of June and 20% deposit

 

Renovation Allowance

TBC once viewed

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $23,210 (based on target price).

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($5,670) + gst based on target price).

Total Outlay

Purchase Price = $630,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $23,210

Professional Fee's = $1,750

Milk Chocolate = $6,300 (inc. GST)

Milk Chocolate Incidentals = $4,000

= $666,760 

56 Essex St, Mitchelton

 

3 - Bedroom

1 - Bathroom

0 - Car space

Total Space - 405m2

Internal Living Area - 68m2 + 38m2 external living

 

Private Treaty

$539,000 + 

Our Target Purchase Price

$520,000 - $550,000

We will adjust this once the property has been viewed and appraised

Estimated Rental Return

$420/wk  

 

Gross Rental Yield (target price) 

3.97%

 

Outgoings

Water & Rates - $900 /qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $1,820

Your mortgage = $1,621*
Your outgoings = $300 (approx.)

BALANCE = -$101/month

*Based on your CBA pre-approval dated 9th of June and 20% deposit

 

Renovation Allowance

TBC once property has been viewed

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $19,346 (based on target top price)

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($4,950) + gst based on target price)

Total Outlay

Purchase Price = $550,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $19,346

Professional Fee's = $1,750

Milk Chocolate = $5,500 (inc. GST)

Milk Chocolate Incidentals = $4,000

= $582,096  

7 Cross St,   Mitchelton

 

5 - Bedroom

2 - Bathroom

1 - Car space

Total Space - 569m2

Internal Living Area - 183m2

Auction  

No guide price

Our Target Purchase Price

$650,000

We will adjust this once the property has been viewed and appraised

Estimated Rental Return

$450/wk + $250/wk  

Gross Rental Yield (target price) 

5.60%

 

Outgoings

Water & Rates - $900/qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $3,033

Your mortgage = $1,916*
Your outgoings = $300 (approx.)

BALANCE = $817/month

*Based on your CBA pre-approval dated 9th of June and 20% deposit

 

Renovation Allowance

TBC once viewed the property

 

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $24,176 (based on target price)

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($5,850) + gst based on target price)

Total Outlay

Purchase Price = $650,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $24,176 

Professional Fee's = $1,750

Milk Chocolate = $6,500 (inc. GST)

Milk Chocolate Incidentals = $4,000

= $687,926

TBC,

Mitchelton

 

4 - Bedroom

2 - Bathroom

2 - Car space

Total Space - TBC

Internal Living Area - 195m2

Private Treaty

TBC

Our Target Purchase Price

TBC

We will adjust this once the property has been viewed and appraised

Actual Rental Return

$630/wk 

 

Gross Rental Yield (target price) 

TBC%

 

Outgoings

Water & Council $900 /qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $2,730

Your mortgage = TBC
Your outgoings = $300 (approx.)

BALANCE = TBC/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: TBC (based on target price).

 

Milk Chocolate Fee's

• 0.9% on final sale price + gst (TBC) + gst based on target price).

Total Outlay

Purchase Price = TBC

Settlement Misc. Estimate = $1,500

Stamp Duty = TBC

Professional Fee's = $1,750

Milk Chocolate = TBC (inc. GST)

Milk Chocolate Incidentals = $4,000

= TBC

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Agents Description
Post War Renovator on Elevated 693m2 Block
Located in one of Mitchelton’s most sought after streets complete with a stunning Easterly view back towards the City centre, this solid three bedroom timber home is the perfect blank canvas for buyers looking to secure a liveable home with the ability to add your own touch or fully renovate in keeping with the quality homes in the street. 

The home features:
- Living area to the front of the house opening onto the front balcony with sweeping views.
- Three good sized bedroom all with timber hardwood flooring
- 1980’s kitchen in good condition 
- Main bathroom with shower over bath
- Fully concreted under the home with car storage and concrete stumps all in good condition. 

The land:
- 693 m2 of real estate gold sloping to the street meaning good draining
- 16.3 metre frontage and 42.3m depth a perfect knock down and build opportunity 
- No pipes or drains running through the block making it a clean site. 

Mitchelton is located just 10 kilometres from the city centre and is the ideal place to enjoy a relaxed lifestyle. It boasts great access to multiple parks, the Kedron Brook bikeways, Brookside Shopping Centre and multiple transport links with access to Gaythorne and Mitchelton train stations and the bus interchange at Brookside Shopping Centre. Mitchelton also has its own cafe precinct in Blackwood Street with regular markets and great restaurants. Local Schools include Mitchelton State Primary & High Schools, Mt Maria College and Our Lady of Dolours. 
Our Thoughts
We like this for a few reasons. It presents a great sized block in a very central location in Mitchelton that is close to the train station, bus stops, shops and schools. Naturally this property does need a little love, however, we do feel comfortable that it could be leased in it's current condition based on discussions with the agent.
The purchase of this property comes with future capital growth in mind by way of renovation and extension. It may not be something you would want to do now, but it's a sit and forget thought process for 31 Constancia St. By adding 1 bedroom to this property, you enter the 4 bedroom home price bracket that currently sits at $735,000 (avg. medium). Taking into consideration our proposed target price, this presents a lucrative investment opportunity.

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Agents Description
Space Comfort and Style for the Growing Family
Families looking to upgrade their lifestyle will be attracted the spacious proportions, large outdoor areas and quality modern finishes of this high set residence, along with its sought-after location close the very heart of Mitchelton. Privately nestled in a high position with an elevated streetscape outlook, it offers excellent space and flexibility with plenty of room for the growing family to live and entertain. 

An expansive level block with manicured backyard
Bright open living area with polished timber floors
Renovated kitchen with sleek fittings and breakfast bar
Spacious lower level rumpus area or utilities room
Wide front verandah and elevated suburban outlooks
Double garage and laundry with internal access
Ceiling fans, air conditioning and lots of storage

This home is also ideally positioned in a quiet, leafy street within easy walking access to local shops and cafes, as well as schools, parklands and the train station.
Our Thoughts
Different proposition to 31 Constancia St, this property presents an easy investment opportunity. There looks to be nothing required to do to improve the property for leasing purposes. It's in a quieter part of Mitchelton but close enough to schools, trains and shops - ensuring it ticks all the boxes. There looks to be an opportunity to add an additional bedroom in replacement of the utilities room downstairs. Without seeing this first hand, we cant make a call on that definitely until we view the property. 
We believe the asking price is very fair and we could see it fetching more than the $610,000 they have quoted. Definitely one for consideration.

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Agents Description
Beautifully Presented Home In A Whisper Quiet Location
Beautifully maintained and recently refurbished, this fantastic home is sure to excite you. Set in a quiet and friendly neighbourhood, with close proximity to railways, shops, parklands and schools, you’ll love the lifestyle 56 Essex St will provide. 


With feature that include:
• 3 ample bedrooms
• Separate kitchen flowing out to deck
• Brand new bathroom
• Polished hardwood floors throughout 
• Fully fenced child friendly yard with rear access
• Separate laundry
• Tidy low maintenance landscaping
• Under house storage
• 20 Solar Panels – 5kw system 
• Renovations include new electrical wiring and plumbing
• Close proximity to Oxford Park Train Station
• Kedron Brook bike path and Leslie Patrick Park on your doorstep
Our Thoughts
We have thrown this in as an option essentially because of the price point, offering you easy entry into the Mitchelton market. The property is situated to the outskirts of Mitchelton\, however, it still reads well when looking at public transport access and shops. Given it's location in Mitchelton, the price point is at the lower end of the average medium for the area. Nonetheless, as an investment it ticks all the boxes and provides a very safe option for your consideration. It is also comforting to know they have recently re-wired and re-plumbed the house which is a very costly exercise.

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Agents Description
Looking for a big home with a 2 bedroom granny flat?
This beautifully presented home in Mitchelton fits the bill. Your family has plenty of room with a 3-bedroom residence upstairs and a 2 bedroom residence downstairs so granny has plenty of room to move. With air-conditioning downstairs and in two of the bedrooms upstairs, your family can live in comfort all-year-round. With fresh paint, new carpets, newly polished floors, and a renovated bathroom downstairs, there's little left to do. You and your family can cool off in the inground pool or just relax in the cool comfort indoors - there's plenty of space.
 
The level yard has the potential for side access and extra car space - plus room for children to play. 
Walk to train, shops, church and schools, you can leave the car at home!
For sale now or by auction on 3rd December, 2016.
Our Thoughts
A positive cash cow property in Mitchelton. Very rare, but a great opportunity to purchase a positive cash flow property. Essentially the property is broken into two, upstairs is a 3 bedroom residence and downstairs is a self contained two bedroom residence. This property could either be leased to one family or it could be two separate leases - nonetheless, i believe you could expect to receive up-to $700/week in rent. Again this property is in a fantastic part of Mitchelton, very central to everything and it's on a flat block on land.
The property is scheduled for auction on the 3rd of December, however, the agent has advised they will accept offers prior. It is a little tricky to put a price guide on this one, but we would feel more comfortable after viewing it to give you a better indication. The agent was also unsure so she is hoping to get a better understanding at it's first open this weekend.

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Agents Description
High End Location
Being in one of Mitchelton's Best streets, this property will suit investors who are looking for capital growth, while having the benefits of a secure lease to Defence Housing for the next 2 to 5 years. DHA Offers guaranteed rent, no vacancies and rent reviewed every year by a registered valuer.

This modern house has great views from both levels, well appointed kitchen and a great north-facing backyard and patio. Extra features include a media room, study in addition to the grand entry and powder room. Jump on this before Mitchelton becomes unaffordable.

Mitchelton is such a popular suburb due to its proximity to the CBD and Enoggera Barracks and its developing coffee shop culture. It also helps to be close to Brookside Shopping Centre and Mitchelton Train Station.

Asking price: Offers Rent: $640 per week

Lease Summary End Date: 14/06/2018

Lease Options and Variations 
Option Available: Used 
Right to vary: 1 x up to 12 months reduction (no extension available)
Property summary Construction year: 2008

Investing with DHA - This property is for sale on behalf of a DHA lessor and has a DHA (Defence Housing Australia) lease in place. Visit dha.gov.au to learn about the benefits of investing in DHA property. In accordance with DHA regulations we advise that this property will be available for private inspection only and to prequalified buyers only. Photos are supplied under agreement by DHA and are for illustration purposes only

Guaranteed rent is paid 52 weeks a year 
Rent is paid a month in advance 
Rent is reviewed in December every year by a registered valuer 
DHA Property Care maintenance
Our Thoughts
Guys, this is a little tricky to comment on, but it's a property we are keen to inspect. In short, it's a new (ish) home that is leased through the Australian Defence Force. The property comes with all the perks of a DHA leased home; guaranteed rent for 52 weeks of the year, rental valuations every 12 months and it has an existing tenant paying $630/wk. We are having trouble getting through to the agent to arrange an inspection and get more details of its location. There is a possibility that it will be outside of your budget, however, until then we will keep an eye on it and try to inspect.

* 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.