An Investment Diamond in the Flesh
"I've never seen a diamond in the flesh"
If you've never seen an investment diamond for real, here is your chance. Like a diamond the value comes from polishing the raw material into a shining, sparkling jewel.
The raw material: Four bedroom, character 1960's weatherboard home with many original 1960's features (flooring, kitchen, laundry tubs) on a level 670m2 section. Periodic tenancy at $395 per week. Long term tenants.
"I cut my teeth on wedding rings in the movies"
Imagine the new relationship with your bank account that comes from polishing this gem. Currently under rented it is appraised at $430-440 per week. Tidy it up and the appraisal stretches to $480 per week, consistent with DBH average rents for 4 bedroom homes in Otara April-Sept at $477 per week. And it is still has double garaging.
"And I'm not proud of my address"
But you can be with some effort and look at what is possible - median house values in Otara have risen 47.5% from September 2011 to September 2014 (based on REINZ median house price statistics). Add the value and you will want to make this a "forever" investment gem.
"In the torn up town, no post code envy"
This is a great location for tenants - close to shopping and commercial/industrial locations for employment. For the kids East Tamaki Primary School and Ferguson Intermediate are there.
This is not fancy, flashy property - no gold teeth and grey goose here. It is a solid well located character property that with some cut and polish will absolutely shine. Add this diamond to your portfolio - they are forever and that is how you will want to treat this one.
With apologies to Ella Marija la Yelich O'Connor (Lorde) and Joel Little for borrowing some words in parody...
- House Style
- 1960's Weatherboard Bungalow
- Separate Double Garage, Parking for 4 cars
- Carpet and Native Timber Floorboards
- Chattels Remaining