Abbott St.
Contemporary Kitchen, Newcastle - Maitland
Cosmetic remodel on a 1950's investment.
Purchased at $347,000.00
Leased at $270p/w
Total investment for renovation - $32,000.00
Obstacles - this property was in poor condition with little to no maintenance for many decades. Half the budget went into repairs, one of which was roofing and guttering.
It is important to address maintenance issues with properties that you plan to hold onto for several years.
Result - weekly rent increased to $450 p/w and desk top value came in at $440,000.00