2/11 Edgar Street, Kingsville
2 - Bedroom
2 - Bathroom
2 - Car space
$590,000 + (Price guide)
Auction: September 17, 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 analysis.
Estimated Rental Return
Gross Rental Yield (target price)
Water - $300 / qtr (TBC)
Council - $450 /qtr (TBC)
Investment Cash Flow (per month)
Your rent received = $1,820
Your mortgage = $2,490*
Your outgoings = $250 (approx.)
BALANCE = -$920/month
*Based on your CBA pre-approval dated 9th of June
General Residential Zone (GRZ1)
This means: There is no area for concern with this property relating to the zoning regulations.
Not required at this stage
Professional: Approx. $1,750
Stamp Duty: $33,927 (based on target price).
Milk Chocolate Fee's
• 0.9% on final sale price + gst ($5,580 + gst based on target price).
Purchase Price = $620,000
Settlement Misc. Estimate = $1,500
Stamp Duty = $33,927
Professional Fee's = $1,750
Milk Chocolate = $5,580
Milk Chocolate Incidentals = $1,500
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
To be supplied
A $4.6 million investment in cycle ways and footpaths across our City will make wandering the local neighbourhoods by foot or pedal even more enjoyable
$8 million to improve Council-owned roads across the City, making them safer and easier to drive on
$970,000 for the renewal of nine reserves and open spaces, with two popular parks made even more appealing on sunny days, with Skinner Reserve receiving shade tree planning and a shade sail for McNish Reserve
Renewal works at the Kingsville Kinder and Brenbeal, Angliss, Kingsville and Saltwater Children’s Centres, to give our young residents the best care they can get in the crucial first years of life.
$100k for crossing renewals will also make it safer for children and families to get to and from care centres and schools
$250,000 for cleaning and an exciting Laneway Activation Project in Footscray, as we continue support and promote the vibrancy and tourism appeal of this cultural hub
Support for community-driven events such as the Seddon and Yarraville Festivals, along with supporting the New Little Music Festival and Australia Day favourite, the Stony Creek Music Festival
Upgrades to many local sporting clubs to pavilions and club rooms, and new public exercise equipment for North Braybrook – as we remain dedicated to an active and healthy community
$500,000 will provide further planting of trees in streets, boulevards, and parks, as we continue to green our City.
About The Property
The ultimate entertainer. This recently renovated Inner city pad ticks alot of boxes as an investment property. It's in the small Inner West pocket of Kingsville, nestled between Yarraville, West Footscray and Footscray. Surrounded by public transport connections and only being a short commute into the CBD, it's sure to attract the busy young professional who likes to entertain. The property was built in 2010 so there's still opportunity for tax depreciation on the build, fixtures and fittings (please consult your accountant for further information). Brick veneer finish with stainless steel kitchen appliances. The land is sub-divided into 3 lots; Lot 1 - 2 bed freestanding house on 274sqm / Lot 2 - 2 bedroom townhouse on 127sqm / Lot 3 - 2 bedroom townhouse on 160sqm. We're looking at Lot 2.
The current vendors have turned the garage into a studio/second living area. The potential is to leave this as is, convert into a 3rd bedroom (STCA) or return the space to a garage. We would like to view the property first and then give you a recommendation on our thoughts.
Agent Advertising Details:
• Superbly updated town residence offers expansive living just minutes to all the popular cafes and restaurants the Inner-West has to offer
• Unique large side garden
• Lock up parking which doubles as an indoor studio or further entertaining space
• Two generous size bedrooms with access to their own bathroom (the main with a walk in robe)
• Separate laundry facilities
Your Brief Specifics
• 1.5km from the train station - This property is 1.2km from West Footscray Station (15 minute walk)
• Land size 400sqm block / 120sqm house - This townhouse falls shy of your prefered land and living area specs - 127sqm land and 88sqm living area. It does however use every square metre to it's full potential with quality finishes and outstanding outdoor entertaining area.
• 10% capital growth / 5% rental yield - We note the capital growth for the past 12 months in Kingsville is 13.09% and the rental yield is 3.0%. 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 Kingsville in general. We estimate that the rental yield will be below your ideal 5%. Overall Melbourne yields are low in comparison to other markets. We believe as demand catches up with supply in Melbourne (following suit in Sydney), that demand for housing will grow and rental yields will increase. This property is in great condition and presents an opportunity to attract higher rent and quality tenants.
We have included this property to the mix because we believe it's a great investment property for your portfolio. There's nothing left to do with this property, it really is a sit and forget scenario. Our only concern is the true value of the property. Being very unique in the area, there's very few accurate comps to get a true value. We have listed the target price as $620,000, however, this could be short of the mark. Our preference would be to complete the site inspection to be able to give you a more accurate valuation.
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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.