In today’s episode of On The Road we look at a low maintenance property with a solid rental yield and granny flat potential for extra income.
0:00 – Overview of the property
1:56 – Looking at the financials
3:00 – If you want help finding properties like this
3:48 – Simon’s thoughts on the property
5:23 – Thoughts on buying the more expensive properties in an area
6:53 – Ryan’s thoughts on the property
Hey guys, it’s Ryan here from on-property and welcome to another episode of on the road where we go on the road with a buyers agency team over at pumped on property and look at real properties that are on the market today. That could be a great opportunity for someone out there. Now we’re not going to say exactly where this property is because the clients are pumped on property a will likely be purchasing this, but this is a really interesting and unique opportunity. This ones on the market for offers over four nine nine. It’s a three bed, three bath property and as you’ll see in the walkthrough downstairs isn’t illegal height with the exception of maybe one or two of the bathrooms downstairs that are legal height. So you have this a lot in Brisbane where you’ve got these. Queensland is where the house is up top and underneath was just not legal height.
You can’t live under there, but some people do them up. This property that have done it up downstairs, but you can’t advertise it as having that extra bedroom which they obviously using the utility room downstairs for so effectively it’s a three bedroom, three bathroom house, but as you’ll see through the walk through the downstairs area is quite livable. You’ve also got really interesting. You’ve already got the drivable side access for granny flat and it’s not just room for drivable side access. It’s actually already built in, so it’s full of stuff at the moment, but you’ve got a driveway on the side that can fit two cars. That actually goes down to the back of the house and you’ve got a garage as well, so the front house you could obviously get the carriage and then they can park on the driveway as well. And then the side to side carport you could give to the granny flat occupants down there.
There is a large shed in the backyard that you would probably need to knock down in order to build a granny flat. Some landscaping that might need to be done obviously, but definitely granny flat potential in this property. So looking at the numbers offers over four, nine, nine. I’m not sure what this would go for that Simon’s expertise, not mine, but I did speak to the agent and I was saying in terms of rental appraisal, probably looking over $500, but again, the agent isn’t a rental agent so they weren’t 100 percent sure on that. This one’s kind of in the upper price range of the area, so you wouldn’t find many properties as expensive as this in the area in terms of renovation potential of the property has been pretty well done. As you can see through the walkthrough. The property has had a lot of work done to it, so it’s not like a previous property that we looked at, whether it was huge renovation potential in this one.
There’s probably not as much renovation potential, but real solid brick home with that granny flat potential. Really exciting opportunity. Simon’s just going through and filling out the inspection checklist and checking everything way more thoroughly than I will. So we’ll check in with him in a second and see what he thinks of this property. But if you guys are interested in working with pumped on property to help them find you secure properties like this, uh, as well as properties where you can build a granny flat, then head over to on-property dot com dot a u, and you can book a free strategy session over there with the team. You can get to know them, you can talk about your situation, where you’re at, where you want to be, and see if it’s a good fit to work with them to help you get into a property like this where you can get a good solid property. You can then build a granny flat to manufacture that cashflow and hopefully have a positive cashflow property, a good foundational property that will then go to pay itself off. So head over to on-property dot com dot a u to book a Free Strategy Session with them. And we’ll throw over now to Simon to see what his thoughts are on the property. So I’ve got Simon with me hand. So he’s just finished his inspection on the property.
What do you think? Yeah, just finished up having a bit of a chat with the agent to just get some expectations around why the owners are selling. They want to purchase some land out a little bit further west than here. Get Out of what they think is the hustle and bustle, but there’s not too much hustle and bustle at this point in time. We’re both from the Shire in Sydney. It’s very different, but this is really nice area. Beautiful Straight, very high owner occupier. I’d say there’s at least 75, maybe even 80 percent owner occupiers here. The train station is about a 500 meter walk, maybe a kilometer just down the road. The property itself is really nice. The owners of maintained an extremely well and done some nice little upgrades so it’s very low maintenance. Quite different to the one that we saw a little earlier today that was a bit more of a renovator.
This is a renovated version of that, so it’s nice to go through and see what you can potentially do. These guys have built in underneath really well and it’s um, yeah. It’s a good property. Nice. And say I ain’t got that high owner occupier appeal. There is a potential for a granny flat in the backyard if you want at some point in time in the future. Just a little bit of landscaping required as well. So I love that. With this place, you’ve actually got a driveway already down to the granny flat so you wouldn’t have to pay for that. Yeah, exactly. So yeah. Nice town property for the area. It’s a bit of a more of an expensive one, but that’s nice. It’s a way that it’s going to be going moving forward anyway. What do you think of that? Buying the more expensive property in the area versus somewhere in the middle of verse and somewhere in the bottom.
I like the higher pockets of the suburb, the higher owner occupied areas close to the schools, close to the public transport options because I want an emotional owner occupier person to want to purchase my property in the future. So I liked the higher pockets, but I like the rundown versions. Personally. This is only because I can get into the property myself and do a bit of an upgrade. Your more active investor, so yeah, very much so. I want to get your hands dirty, jumping there, do a renovation, but this could be awesome for someone who doesn’t want to do that. It’s already renovated. It’s low maintenance. You could add the granny flat for the cashflow in a good area. International, interstate investors. This is your bread and butter. You don’t have to worry about it. Don’t have to worry about anything. I think the rental yield on this one would be quite good as well.
Yeah. Unfortunately downstairs isn’t legal height, um, which, but it’s been completely renovated as you can see in there. So um, that can sometimes affect the selling of the property and also the renting of the property because you can’t actually legally market it as those being bedrooms and bathrooms. Yeah. But then people will obviously walked through it and see it and they kind of take that into account. They’re going to be renting the property or buying it. Exactly. It’s that weird loopholes thing. Yeah. So yeah. Interesting one, I like it. What were your thoughts? Yeah, I really liked it. I liked that it was fully renovated stairs because you can’t legally advertise it as that I could see. Yeah, the fact that it’s already done makes it. If it’s not something that as an investor I would put the money into doing that because I feel like what you spend downstairs you probably not going to get back yet, but because someone else has already spent that money and I can see tenants walking through and thinking of utilizing the space even though it’s not legal height, you know, the utility room that they can use, but because of that, because I think they’re kind of overcapitalized there on that downstairs section that can be a good opportunity and just the low maintenance aspect of it with the granny flat to improve the cashflow and then the fact that you may have a good rental yield on the property itself anyway.
It’s just kind of, it looks like one of those low maintenance simple properties. Yeah, I agree. Cool. Sweet. Anything else to add? Um, Nah, Nah, pretty excited to get some feedback out to um, a few of the people that are, that have flagged this one is one that they would like us to checkout. So, um, so I don’t imagine that this one will stay on the market very long. I think the open for inspections this weekend, it’d be interesting to see whether you guys close it before then. Yeah, we’ll see what happens between now and then. Um, I think there’ll be a fair few people at the inspection for sure. Awesome. Well thanks for watching this episode of on the road guys. Go ahead and check out that previous property we’re talking about, which was the renovator or we’ve got a development opportunity one there as well and I’ll leave the links of that in the description down below. Thanks so much for watching. And until next time, stay positive.