1.The School Jock
18 Wallace Street, Maidstone
About the property
This property presents great opportunity to get into the rising Melbourne market in a great suburb with an even better apartment. It's only 18 months old and still smells brand new - kept in great condition from the previous tennant.
It's a New York style loft apartment; bedroom, bathroom (seperate entry from bedroom) and laundry downstairs with kitchen, study, living and sliding by-folds opening out to balcony upstairs. It faces North and because of this, it has great natural light in the afternoon, coming in from the balcony to the living space.
Great storage throughout the apartment with a large wardrobe in the bedroom, additional storage cupboard underneath the staircase and there's a 'cage' for each apartment underneath the building where larger items such as bikes, kayaks etc can be stored.
Interestingly, the apartment can't be seen from the street - as you enter between two shop fronts.
What we also found out
They would be happy to do a long settlement in order to allow enough time to find a new tennant
Passed in at auction for $380k, owner wanted $410k, but has agreed to drop the asking to $399k
Total size is 83sqm.
This is a sit and forget type scenario. Once you have your tennant in the property, you won't have to worry about a thing. The property is in great condition and there doesn't seem to be any areas for concern. It is priced slightly higher than other properties similar in the area, it also does not have any parking. But from driving around the area and streets, there is ample street parking. For a tennant working in the CBD, there isn't a need for a car until the weekends anyway.
We are in the formidable position that it recently passed in at auction, hence handing the power to the buyer. We think $380k is a good starting point and wouldn't see a problem settling on $390k.
If you like this property we need to move quickly. We have the contract of sale along with the section 32 which you should get in front of your solicitor. We would also recommend to do a strata check as a minimum on the property and the building and pest if you require that level of comfort.
Suburb specific data
RP Data Report
Related News Articles
3 - Bedroom
1 - Bathroom
1 - Car space
For Sale Price/Auction
$620,000 + (As advertisied - Auction)
Auction August 20, 2016
Our Target Purchase Price
This property is going to auction so there are many influencing factors outside of our hands. This is the price that we believe is the true value based on our market analisys.
Estimated Rental Return
Gross Rental Yield (target price)
Water - $XXX /qtr
Council - $XXX /qtr
Strata - $XXX /qtr
Investment Cash Flow (per month)
Your rent received = $1,820
Your mortgage = $3,014
Your outgoings = $XXX
BALANCE = $XXXX
General Residential Zone (GRZ1)
This means: Maximum height restrictions that allow a maximum of 2-3 storey developments only
Opportunity: You can look to add an additional level to the dwelling. Potentially adding 1-2 bedrooms that would increase the value of your property
Not required at this stage
Professional: Approx. $1,500 + gst
Stamp Duty: $35,780 (based on target price)
Milk Chocolate Fee's
• 0.9% on final sale price + gst ($6,210 + gst based on target price)
Building & Pest - Approx. $450 (one off)
Full landlord insurance inc. damage, loss of rent, theft, legal and contents
- Approx. $300 p.a
Tax depreciation report -
Approx. $400 (one off)
Contract of Sale
Comparable Sold Properties
Comparable properties for rent
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* 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.