House – Large split level home, comprises up to 5 bedrooms, two kitchens and two bathrooms. Leased at $320pw furnished, lease expires 01/11/15
Unit 3 – Single bedroom unit, fully self contained, leased at $160pw, lease expires 25/09/15.
Unit 4 – Single bedroom unit, fully self contained, leased at $160pw, lease expires 23/04/15.
Unit 5 – Single bedroom unit, fully self contained, leased at $160pw, lease expires 04/09/15.
Total rental return $800pw, $41,600pa. 14% gross return -
Council rates approx $2,000pa, water rates approx $3,600pa. Western Lands Lease $1,980pa – All up gives you a 11% net return.
We have been managing these properties since 2011.
You are able to convert the Western Lands Lease to freehold at a cost of $29,300 plus gst and stamp duty. Then you will own the land.