121 Northmore Street, Mitchelton
3 - Bedroom
1 - Bathroom
2 - Car space
Total Space - 405m2
Internal Living Area - 83m2 + 74m2 external living/storage/garage
Our Target Purchase Price
Estimated Rental Return
Gross Rental Yield (target price)
Water & Rates - $900 /qtr (approx)
Investment Cash Flow (per month)
Your rent received = $1,950
Your mortgage = $1,710*
Your outgoings = $300 (approx.)
BALANCE = -$60/month
*Based on your CBA pre-approval dated 9th of June and 20% deposit
Professional: Approx. $1,750
Stamp Duty: $20,795 (based on target price)
Milk Chocolate Fee's
• 0.9% on final sale price + gst ($5,220) + gst based on target price)
Purchase Price = $580,000
Settlement Misc. Estimate = $1,500
Stamp Duty = $20,795
Professional Fee's = $1,750
Milk Chocolate = $5,742 (inc. GST)
Milk Chocolate Incidentals = $3,500
Building & Pest - Approx. $450 (one off)
Full landlord insurance inc. damage, loss of rent, theft, legal and contents
- Approx. $300 p.a
Tax depreciation report -
Approx. $400 (one off)
Denovans Real Estate
Contract of Sale
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.
About The Property
This presents beautifully and is full of charater. Fromthe moment you pull up in front of the house, you get a real sense of character and charm. The couple who own this property brought it in 1995 and have had it leased to the one tenant from day dot. They have since come in and renovated the property inside out and it is in great condition. Ultimately the property would lease out to a young professional couple with 1 or 2 children.
The living space is on the smaller side and could be awkward. However, i believe tenants would see past that given the condition and location of the property. Underneath there is a very large space for storage/bedroom/living area. It could be simply gyprocked and carpeted to be a livable space. They have purposely left the space empty for the new owner. You could not legally get away with calling it a bedroom unless you lifted the house by approximately 400mm (very common for Queenslander homes). Definitley a worthwhile consideration in the future for capital gains.
All bedrooms are of good size, with walk-ins. Bathroom and kitchen newly renovated also. The rear garden is small, but they have done a good job with the space. The plants they have planted alond the rear fence will grow to be about 5-6m heigh so they will generate some privacy when they mature. The front grassed area is large and flat and great for children. There is no gate on the driveway and this could be added to creat a secure environment for kids to play in the fron yard.
Agents Advertising Details
Stylish interiors, smart modern finishes and an easy low maintenance layout combine to provide a relaxed and user-friendly living environment in this very appealing high-set residence. Fully renovated throughout with quality fixtures and fittings, it features bright and airy living spaces and private outdoor areas that go together to make it a great family retreat in a quiet street setting with suburban views towards the city.
• Crisp interiors feature quality floor coverings
• Fresh & easy layout with separate lounge and dining areas
• Sleek contemporary kitchen equipped with modern finishes
• Wide alfresco verandah that captures sweeping district vistas
• Three double bedrooms plus a full main bathroom and separate toilet
• Large underhouse area with laundry, double garage and storage
The home is ideally located close to all the amenities that make Mitchelton such a popular place to live, including local schools, parks, bike track, shopping and Blackwood Street cafes, as well as Oxford Park train station offering easy access to the city
Your Brief Specifics
• 1.5km from the train station - This property is 700m from Mitchelton train station and 800m from Oxford park Station
• Land size 400sqm block / 120sqm house - The land size of this property is 405m2 and the house is 83m2 + 74m2 (external storage, garage).
• 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%.
You're not going to go wrong with this property. They have completed a lovely renovation and the property is in great condition. I also dont believe we will run into too much trouble with the pest & building inspection from what i saw today. As always, there's always a value add option with these properties, and that comes from lifting the property up by 400mm and creating a seperate bedroom and bathroom downstairs - with a window. You could also look at wrapping the balcony around the left side (if looking from front on) of the property and opening up the living space with bi-folds out on to the balcony. Again, these are both 'nice to haves', but not 'must haves'.
Because this property has been recently renovated, you can also take advantage of the tax depreciation on the new material and work completed. We can help you arrange a quantity surveyor to come in and assess the value of works completed and then supply you a depreciation schedule for your accountant.
The agent thinks he will achieve over the $600k mark, I however, dont believe that would be smart buying. It's a nice property and it's renovated, however, the block is small and the living space is small. Properties in the area going over $600k are on larger blocks with larger living areas. Our target price is $580,000 for this property.
Suburb Specific Data
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.