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$150,000
There is no other way to say it but here you have two pretty tired cottages that need some work. The main cottage was probably built in the 1940's and at the very least could use a new roof and a lick of paint. The second cottage is approved as a granny flat and though it is a basic one bedder with a basic kitchen, it is air conditioned and is in reasonably good order. There is also a bit of a shed.
Here is the thing. The tenant in the front house has been there for 12 years and pays $220 per week. Her rent is up to date. The tenant in the back house has been in place for approximately three years and she pays $180 per week. She is currently approximately one month in advance. A total gross income of $400 per week. A rough calculation has it returning a net of around 11%. Council rates are approximately $3700 per annum.
The block is 802 sqm and fronts on to Warrina Parklands. It is flood prone as is a lot of the town, but both cottages are built up off the ground. Good fences on two sides and a new retaining wall at the back.
These are the only photos.
Contact Michael Skuse
49 Fitzgerald Esplanade, Innisfail QLD 4860
Call Michael Skuse on
0411029300
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