Are you looking for a more hands off investment and at an affordable level?
Constructed late 1990’s this 3 bedroom home sits on a freehold 481m2 section in a location that’s Whangarei City handy and with a long term lease in place to pay you every month, regardless of occupation rate, this is a worthy investment option.
The current gross rental income of $21,580 per annum (equivalent to $415 per week) incurs no additional management fees and provides an approximate return of 6.2% to the hands off investor. Rent is paid monthly in arrears and reviewed annually with the current lease having commenced 1 August 2019 and expiring 6 November 2024.
Housing NZ Ltd (Kainga Ora) as the lessor is responsible for internal and general maintenance in accordance with the lease document and will restore the property interior to the same order, repair and condition as at the commencement date of the initial term of the lease, subject to fair wear and tear. They will also carry out annual inspections and report to the owner.
Whangarei District Council Rates: $1,983.66
Rating Valuation: $349,000
If you’re looking for a solid return investment that is a little less 'hands on' please contact via email or phone.
An Information memorandum including lease detail and a full LIM report is available.