In a prominent Petone location, this iconic blue block is an ugly duckling on the verge of becoming a sensational swan. How so? An exterior make-over is commencing this summer and you could realise the upside simply by securing at this crazy price! Its an easy yield of 7.7% which can increase to 9.2% by mid 2016! Low council rates and BC Fees make for positive cashflow on this one.
The 1bdr unit comes with a carpark and enjoys all day sun with its east and north facing windows. It’s always been well cared for by mature tenants and is currently leased until June 2016. The interior was recently painted to freshen it up and laundry facilities shifted into the kitchen to maximize space in the bathroom. It has a modern stove, is warm and private plus has an open plan lounge, kitchen and dining.

This always has been and will continue to be a great rental location. Situated at one end of the Jackson St shopping precinct, tenants love it. It even has a bus stop right outside! Petone beach, cafes and shops are 2 mins away…trains, schools, parks and pools are all within a short walking distance.

When advertised for rent in June within 48hrs it attracted 23 enquiries, 9 appts for Monday and 2 people came with bond money to secure it. If an ugly duckling can get $250pw imagine what a swan will get. Being in such a prime location means it will always command a big rental audience, and with the exterior completed in early 2016, we expect it to easily fetch $300pw.
First Home Buyers will also have their eye on this one as it ticks a lot of boxes for them too so don’t delay and miss out! Grab this bargain by enquiring now.

The numbers ‘as-is’

$250pw * 52 weeks = $13,000pa

Buy Price $170,000

Gross Yield 7.7%

BC Fees $600pa

Rates $1495.60

The numbers after makeover – TBC Early 2016

$300pw x 52 wee