* 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.
25 Edwards Street, Higgins
3 - Bedroom
1 - Bathroom
1 - Car space
Total Space - 743m2
Internal Living Area - 107m2
Position - North/West facing
Energy Efficient Rating (EER) - 1 out of 6
Our Target Purchase Price
Estimated Rental Return
$450/wk ($525/wk post renovation)
Gross Rental Yield (target price)
Rates $1,194/qtr (approx)
Investment Cash Flow (per month)
Your rent received = $1,950*
Agent Commission (7% max.) = $136.50
Landlord Insurance (Approx.) = $80
Your mortgage = $1,598**
Rates = $398 (approx.)
BALANCE = -$262.50/month
**Based on your CBA pre-approval dated 9th of June and 20% deposit
$30,000 (full feasibility TBC)
Professional: Approx. $1,750
Stamp Duty: $13,457 (based on target price).
Milk Chocolate Fee's
Project Management: $3,000 (If req.)
Purchase Price = $490,000
Settlement Misc. Estimate = $1,500
Stamp Duty = $13,457
Professional Fee's = $1,750
Renovation Allowance = $30,000
Milk Chocolate = $12,900 (inc. GST)
Milk Chocolate PM Fee = $3,000
2nd pest inspection
Full landlord insurance inc. damage, loss of rent, theft, legal and contents
- Approx. $300 p.a
Tax depreciation report -
Approx. $400 (one off)
About The Property
This great ex-government home presents a fantastic buying opportunity. The property presents itself with ample room for improvement through a smart renovation. The small living area with large yard space provides the footprint to open up and extend. Cosmetically it would require new carpet, paint, kitchen and bathroom on the inside and a thorough nip and tuck in the front and backyard. There's also the option to open up the rear of the property by adding a deck and replacing the living room windows with bi-fold doors. This could all be completed without council approval.
If we wanted to push the envelope, we can extend out to add a 4th bedroom with bathroom and a 2nd living space. For further future revenue and growth, there's enough space and access to building a granny flat to the rear of the property.
To give you an indication, 3-bed renovated properties in Higgins are fetching mid-high $500's.
4-bed renovated properties in Higgins are fetching mid $600’s. We would expect to receive $200/wk as a minimum for the granny flat lease.
NB: Current garage is Asbestos. In its current state there are no issues, however, it would need to be disposed of correctly if you did decide to pull it down. The cost would be approximate $3,000 to demolish and remove. The existing fireplace is approved but needs to be certified - at a cost of $300. The agent has an offer on the table of $485K pending a 2nd pest inspection. The original pest inspection revealed one piece of loose timber found underneath the property with two termites found. It was bagged and removed from the premise immediately and the report indicates no further termites found.
Agents Advertising Details
This 1970's ex-government home is set on a spacious and level 743sqm block in a central location, offering a chance to live in a leafy suburb close to everything you could need such as schools, shops and parklands.The floor plan offers three bedrooms with new carpets and built-in robes, an eat-in kitchen, and a lounge room with air-conditioning and a cosy pot belly wood heater. Outside, the large rear yard features established gardens and plenty of room to build-out if needed. There is also a separate garage. This home is a blank canvas ready for keen renovators who want to make the home their own or an investor or developer who wants to make the most of the property's great location. A growing family looking for a place to call their own will also love this well-maintained home.
Reverse cycle AC / New carpet to living areas / Potbelly wood heater (approved but COU not obtained).
Your Brief Specifics
• $500,000 budget excl. stamp duty: Target price here is $490,000
• Land size greater than 500m2: 743m2
• 3-4 beds, 1 bath, 1 car: 3 bed, 1 bath, 1 car
As we discussed, we generally look for properties where we can add value to either immediately or in the future. This property presents the opportunity to do both, i.e. a cosmetic renovation immediately, with the ability to extend in the future.
For us, the numbers and potential of this purchase stack up. To some, the property may come across as dirty, untidy and run down. However, these are superficial concerns, not structural. The property really only takes up half of the land so there is obvious room to extend/develop.
To buy this property, we don't believe a 'low ball' offer will work. A targeted offer at $490,000 (pending a 2nd pest inspection) will most likely supersede the existing bid. We will, however, employ tactics to get the property purchased below this.
We recommend completing the cosmetic renovation immediately before leasing out the property to generate a greater lease return and create instant equity. The offer would be subject to early access so we can begin to get quotes for the works required. The works we recommend completing initially are:
• Internal painting throughout
• Open up wall between kitchen and living room
• Replace carpet in living room and hallway with floating floorboards
• Replace carpet in bedrooms with new carpet
• Add a deck to the rear of the property and replace windows in living room with bi-fold doors. Install awning over deck so the area can be used in all conditions
• Replace all window furnishings
• Update current lights with modern light fixtures
• Replace bathroom vanity, spray existing tiles, replace shower screen and fixtures and fittings throughout
• Complete tidy up of front and backyards
• Pending budget, we would recommend spraying painting the external brickwork (cheaper alternative to rendering)
If we do renovate we would take into consideration future improvements to the property, e.g. a 4th bedroom, additional bathroom and living space extension. Provisions will be made to allow for this down the track.
CoreLogic Data Report
Belconnen Town Centre
The Belconnen Town Centre Master Plan defines what is important about the centre and will guide growth and development over the next 10 to 15 years. The master plan identifies land use, economic, social and environmental opportunities and challenges. It investigates opportunities for additional residential development and urban renewal. The master plan recommends ways to:
reinforce the town centre’s role as a major community and commercial hub for the Belconnen District and wider Canberra region
stimulate urban renewal in the town centre through changes to the Territory Plan
enable active and attractive destination areas that better utilise the centre’s lakeside location
identify opportunities for improvements the centre’s public spaces
improve access and amenity in the town centre through recommended improvements to the cycle and pedestrian networks, and
improve the town centre’s relationship and connectivity with the University of Canberra.