Q: How much should I pay for a 3 x 2bdrm block of Torrens title units that are currently uninhabitable and require a 6wk cosmetic renovation ($100k) for a combined income of $900/wk post Reno?
A: Hi Gents thanks very much. The places are in Stafford Brisbane and uninhabitable in the sense that squatters removed some doors, windows are broken and the carpets and walls are filthy. The walls are undamaged and so it simply needs new floor coverings, paint, kitchenettes and bathroom ware. I've analysed against other unit complexes in the area of the same vintage. They are priced 1.3 and 1.4 mil with 4 and 5 units respectively with rental income ranging $295-$450. They are going to public trustee option. Based on size and Reno requirements, I'm guessing a $600-$850k sell... broad I know. Ken, I agree and am concerned regarding sourcing a loan for uninhabitable property. We are considering putting forward a renovation plan and funding a valuation.