Cranbrook
16 Cranbrook Street, Mitchelton
The Numbers
4 - Bedroom
3 - Bathroom
2 - Car space
Total Space - 551m2
Internal Living Area - 239m2 + 41m2 external living
Private Treaty
$699,000 +
Our Target Purchase Price
$670,000
Estimated Rental Return
$600/wk
Gross Rental Yield (target price)
4.66%
Outgoings
Water & Rates - $900 /qtr (approx)
Investment Cash Flow (per month)
Your rent received = $2,600
Your mortgage = $1,975*
Your outgoings = $300 (approx.)
BALANCE = $325/month
*Based on your CBA pre-approval dated 9th of June and 20% deposit
Renovation Allowance
Not required
Other Fee's
Professional: Approx. $1,750
Stamp Duty: $25,142 (based on target price)
Milk Chocolate Fee's
• 0.9% on final sale price + gst ($6,030) + gst based on target price)
Total Outlay
Purchase Price = $670,000
Settlement Misc. Estimate = $1,500
Stamp Duty = $25,142
Professional Fee's = $1,750
Milk Chocolate = $6,633 (inc. GST)
Milk Chocolate Incidentals = $3,000
= $708,025
The Recommendations
Inspections
Building & Pest - Approx. $450 (one off)
Insurance
Full landlord insurance inc. damage, loss of rent, theft, legal and contents
- Approx. $300 p.a
canstar.com.au/landlord-insurance
Quantity Surveyor
Tax depreciation report -
Approx. $400 (one off)
Leasing Agent
Denovans Real Estate
Harcourt Solutions
The Documents
Contract of Sale
TBC
Title Search
TBC
The Stats
Distance to CBD
8km from the Brisbane CBD.
Population
The population in 2006 was 7,027. Recent data from the 2011 Census suggest the population is now 8,002.
Medium Property Price
The medium price for 4 bedroom houses in Mitchelton is $743,000
Infrastructure Snapshot
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McConaghy Street South Precinct The McConaghy Street South Precinct will contain medium density mixed use development of up to five storeys. The precinct’s location directly opposite the Mitchelton railway station and on a key pedestrian thoroughfare linking the Brookside Shopping Centre and Blackwood Street supports a small component of commercial or retail activities which activates the ground floor frontage to McConaghy Street.
The Details
About The Property
Tastefully renovated property in the premium end of Mitchelton. This property presents a great investment opportunity without having to do anything. An opprtunity to bank great rental yields, worry free.
In terms of funcytionality, the property presents a few different options. Downstairs there is a seperate bedroom, living and bathroom so there's portential for dual income. A small kitchenette can be installed in the garage and this can be closed off with a new wall. Secondly, there's a grassed area to the front of the property, this can be simply fenced off so it can be used for small children and pets. The rear backyard is small with an undercover patio, so adding the fence at the front of the property allows for a second outdor area.
Agents Advertising Details
Situated in a sought after family friendly neighbourhood, this fabulous property offers a quality lifestyle in a peaceful and convenient location. Set on an elevated 551m2 block, this immaculate and inviting home has more to it than meets the eye with a floor plan that caters and adapts to the everyday requirements of the modern family.
Instantly welcoming, a wonderfully spacious living and dining area exudes a lovely relaxed ambience and seamlessly flow onto a north facing covered deck. The gourmet kitchen is bright and spacious and features excellent storage capacity, quality appliances, convenient gas top cooking, and stone bench tops. The kitchen easily service’s the adjacent dining area and entertainment deck. An undercover alfresco area out the back is a perfect place to sit and relax while entertaining friends and also offers a great vantage point to keep an eye on the kids while they’re playing in the yard.
The upper level boasts versatile accommodation incorporating three spacious bedrooms and a guest suite/4th bedroom. The master bedroom boasts an ensuite and large walk‐in robe. A light filled bathroom services the additional bedrooms and offers a separate full sized bathtub. Downstairs provides a multi‐purpose space that could be used as a media room, kids play room, or teenage retreat/dual living option and an ensuite style bathroom services this level.
Additional extras include air‐conditioning to the main bedroom and living area, ceiling fans throughout, separate downstairs laundry, an abundance of storage capacity, double lockup garage as well as ample off street parking and side access, which offers a great place to house a trailer, boat or car.
Your Brief Specifics
• 1.5km from the train station - This property is 1.4km from Mitchelton train station.
• Land size 400sqm block / 120sqm house - The land size of this property is 551m2 and the house is 239m2 + 41m2 (covered patio).
• 10% capital growth / 5% rental yield - We note that the last three years Mitchelton has recorded 17.36% capital growth. There is no way to guarantee that the property you buy will increase in value, but in order to increase your chances, we have carried out detailed research on the property and Mitchelton in general. We estimate that the rental yield will be below your ideal 5%.
Our Thoughts
The agent has disclosed the owner is motivated to sell as they have just purchased another property. Initial discussions with the agent hinted at $670k would be accepted. From what i can see and by the language used by the agent, there is room to move with this purchase price.
We recommend an initial offer of $650,000 with a max. purchase price of $670,000. The offer would be subject to a pest & building inspection. Given the average medium in Mitchelton for a 4 bedroom house is $743k, we are still buying in well under the average for the area.
Suburb Specific Data
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Investment Data
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RP Data Report
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* Milk Chocolate price data used on this website is sourced and relies upon information supplied by a number of external sources (including governmental authorities). This data is supplied on the basis that while Milk Chocolate believes all the information provided will be correct at the time of writing, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by you, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information on this website through any cause whatsoever and limits any liability it may have to the amount paid to the external sources for the supply of such information.