Find something curious…
Units 439 and 440 (lot 20) Whitehill Gardens (Oxford Crest)
67 Cascade St, Raceview, 4305 ($175,000 for both)
Where can you buy two decent units for only $87,500 each (sold as a pair at $175,000) which are safe, clean, and in a well run complex and such a pleasure to live in? I challenge you to look on the Internet and see if you can get better value to live in, or or a better return on your investment!
CALCULATION PER UNIT (DOUBLE THESE FIGURES FOR BOTH UNITS)
Rental per week $253.75 $1,099.58.
Levy per quarter. $ 350.19
Rates per quarter. $ 114.18
Water Rates $ 65.33
Landlord insurance $ 22.00
Nett profit. $ 547.88 or
$ 6,574.56 p/a
On a purchase price of $ 87,500 per unit this is a gross return of 15.08%!
this is a nett return of 7.53% which is really excellent if you do your own collections
Management $90x12 = $1,080. Net income reduced to $5,495. Which is 6.27% return
This over 55 independent living gated community is set in lush established landscaped gardens, making a daily stroll around the grounds something to look forward to. Wheelchair accessible to all areas of the complex. A swimming pool provides the perfect place to exercise - or just relax. Centrally located to shopping centres, doctors, pharmacy, restaurants and all amenities, with a bus stop connecting to rail directly outside.
This charming one bedroom unit features built in wardrobes, an en-suite bathroom with walk in shower and safety hand rail/private internal laundry, open plan reverse cycle air-conditioned lounge room/ kitchen and a private covered patio. There are security screens on doors and windows. Each unit has an intercom phone. Parking is available.
Tenants can cook at home or use the on-site chef and dining hall if they would prefer to purchase their meals at an affordable rate ($72.50 per week). Complimentary tea and coffee and hot water is available all day.
Two large indoor games/function areas and a large resident's clubhouse are a feature which include a library and DVD collection, computer and broadband Internet connection. Community facilities include a covered outside entertainment area. There is an active social club and a community of friendly people. Activities include: Happy hour, barbecues, darts, indoor bowls, morning tea, social activities and bus outings are regularly held for those who wish to partake.
There is a large laundry with washers and dryers. The tenants pay for their electricity as the units are metered separately. Tenants pay $5.00 per week for hot water which is not separately metered and they pay $15 per week for services, entertainment etc and this includes a clean towel, pillow case and bed sheets every week.
The on site managers are excellent in looking after the property and the gardens, and overseeing the kitchens, organising outings and entertainment, and they really care for the occupants under their management. People live here because it is semi supported living.
Most retirement units have some form of ownership where you lose money when you sell. These units are strata titled freehold units so you own it, and can sell it anytime you want to, like any regular town house sale. No entry or exit fees apply.
Investors: Here is an opportunity to purchase units, with a positive cash flow from day one! Let your tenants pay the properties off for you. All you need to do is to wait for the capital appreciation and rent increases.
Existing long term tenants want to stay, and you will take over the existing lease unless you wish to move in to one yourself and rent the other out. There is also usually a waiting list of prospective tenants.
Most tenants are on Centrelink, and their rent is government assisted. Some tenants have arranged for Centrelink to pay their rent direct to the landlord.
There are seldom opportunities to find a vacancy in this community. This is a truly smart, safe, low risk investment, older people seldom trash units or abscond. As the ageing population group expands, it is becoming harder and harder for them to find decent affordable safe accommodation. Whether you want to live in the unit, or rent it out... call now to avoid disappointment!
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