2 Bedroom Villa for Sale in WONGAWALLAN 7/400 Ruffles Road

7/400 Ruffles Road WONGAWALLAN

SOLD by The Edgar Natolo Team

This 2 level chalet with a combined living & kitchen on the ground level & a bedroom & bathroom on the upper level is located in the successful Golden Door Health Retreat in Willow Vale, offering investors a very rare positive geared property with secure income source.

It is located in the successful Golden Door Health Retreat in Willow Vale, offering investors a very rare positive geared property with secure income source. The Golden Door is your tenant by way of a registered lease which means it is permanently tenanted (you cannot live there yourself).

If you are going to borrow funds to purchase, please be aware that for resort investments most banks lend 60% of the sale price. This means you will need the other 40% in cash or equity in another property.


Monthly income received = $1,500.27

Less Monthly Expenses:
Body corporate fees = $338.62
Council rates = $155.67
Management fee = $112.52
Building Insurance = $11.20
NETT INCOME approx = $882.26


If you borrow funds*:
Deduct Loan Repayments = $289.59 per month
Positive Cash flow left over: $592.67

*Based on ANZ Interest Only variable rate loan currently at 5.88% for 30 years, borrowing 60% of sale price which is $59,100 . This means everything is paid for and being paid off and you still have $592.67 left over in your pocket, or $882.26 if there is no finance!

Maintenance already carried out for you are:
February 2014 - Retaining walls near Chalets 1-20 are being replaced.
July 2013 - Repairs to decking, new front walkway including handrails; also upper rear cladding replaced ($1,812.25)
January 2013 - Air conditioning upgrade (improve efficiency) to both units (7A and 7B) ($410.30)
September 2011  - New locks and deadbolts fitted to doors and windows ($462.00)
2007 - Bathrooms refurbished ($9900.00)

Termite Inspections:
Termite inspections are performed annually by the body corporate. The minutes of the Body Corporate Committee Meeting of 20 September 2013 (refer to page 4 "Termite inspection") shows that the frequency of termite inspections will happen every 6 months.

Edgar