Lockrose

                                                             1 Lockrose Street, Mitchelton

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The Numbers

 

4 - Bedroom

2 - Bathroom

1 - Car space

Total Space - 748m2

Internal Living Area - 175m2 + 63m2 external living

 

Private Treaty

$609,000 + 

Our Target Purchase Price

$605,000

Estimated Rental Return

$580/wk  

 

Gross Rental Yield (target price) 

4.99%

 

Outgoings

Water & Rates - $900 /qtr (approx)

Investment Cash Flow (per month) 

Your rent received = $2,513

Your mortgage = $1,783*
Your outgoings = $300 (approx.)

BALANCE = $430/month

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

 

Renovation Allowance

Not required

Other Fee's

Professional: Approx. $1,750

Stamp Duty: $22,002.50 (based on target price)

Milk Chocolate Fee's

• 0.9% on final sale price + gst ($5,445) + gst based on target price)

Total Outlay

Purchase Price = $605,000

Settlement Misc. Estimate = $1,500

Stamp Duty = $22,002.50

Professional Fee's = $1,750

Milk Chocolate = $5,989.50 (inc. GST)

Milk Chocolate Incidentals = $3,500

= $639,742  

The Recommendations

Inspections

Building & Pest - Approx. $450 (one off) 

www.apmsolutions.com.au

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)

www.washingtonbrown.com.au

 

Leasing Agent

Denovans Real Estate

Harcourt Solutions

The Documents

 

Contract of Sale

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Title Search

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Rental Appraisal

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Rental Comparable Market Analysis

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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 4 bedroom houses in Mitchelton is $743,000 

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Infrastructure Snapshot

 

  • 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.

 

Our Photos

The Details
About The Property
Large block of land placed on a junction where Lockrose St, Kooya Rd and Karabin St all meet. The property has two addresses, however, the agent has advised that it's not strata titled. The property is a mix of existing and new features and as such, can present a little awkward. In saying that however, it still ticks all the boxes of a great investment property as a 4 bedroom home with three bathrooms and two living areas. There was two interesting quirky features, one being the random room off the back of the ensuite which was purpose built for a bathtub - but no tub has been installed; the second, the 4th bedroom adjoins the garage with a sliding glass door. So it seems the gararge was built after the house and they have built this flush to the property. It's not a problem, but just not something you always see. The property is located on a flat block in a really nice part of Mitchelton, where bugger 5 bedroom brand new homes sells for over $1 million dollors.
Agents Advertising Details
If you are looking for a low maintenance, low-set home in Mitchelton then look no further then 1 Lockrose Street. This rendered home has modern finishes throughout and is positioned on a fully fenced 748m2 allotment. Featuring a caesar stone kitchen, porcelain tiles, floor to ceiling tiles in the bathroom and much more, there really is nothing left to do but unpack and be the envy of your friends & family. 

For your further consideration:-

* The kitchen has caesar stone counter tops, induction cooktop, dishwasher, breakfast bar 
* Two living rooms creating space & separation
* Plantation shutters & crimesafe security screens
* Master bedroom has a walk-in robe, ensuite & air-conditioning 
* 2nd bedroom has built-in robes, a study nook & is air-conditioned
* Main bathroom has stunning floor to ceiling tiles & shower over the bath
* Large fully fenced backyard with orange trees & mango tree
* Outdoor covered patio area that flows off the living room

Your home is positioned in a quiet pocket of Mitchelton and is close to schools, parks & is a short drive to shops & Blackwood St precinct.
Your Brief Specifics
• 1.5km from the train station - This property is 2km from Mitchelton train station.
• Land size 400sqm block / 120sqm house - The land size of this property is 748m2 and the house is      175m2 + 63m2 (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
From the street and upon entry this property certainly catches the eye. It presents nicely in a well established and desirable part of Mitchelton. The internals of this property definitely present better in the photos than to the naked eye. It had some interesting quirks to it, such as a random room off the main ensuite that was originally built for an indoor/outdoor bath tub. There is not bathtub here so it is a random room next to the shower. However, if you put a bathroom there it could be a great asset! The living and dining to the rear of the house was originally a sunroom and this has been converted. It works well, however, it's not legal height for a bedroom if you wanted to convert it (not required i wouldnt think). 
The garden is adequate size, combined with the outdoor patio. The blue building is the next door nighbours wall (they painted it blue). Along one side of the boundary there was a low see through fence, so essentially no privacy to that side. Recommended to install a standard fence there to create more privacy. The internal living areas were nice, however on the smaller side for a 4 bedroom house.
The owners are two adults and 4 children and they have just brought a 5 bedroom home around the corner as this property was too small for them. They have rejected an offer of $590,000 as they would like to see a 6 at the front of any offer. After viewing the property, i would set a max purchase price at $605,000 with an initial bid of $592,000.
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$770,000

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Locality

Video

A quick look 1 Lockrose Street and it's surrounds

Around the streets of 1 Lockrose

What Social Media Is Saying

* 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.