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

7/400 Ruffles Road WONGAWALLAN

SOLD by The Edgar Natolo Team

Located at the Willow Vale Mountain Resort (Golden Door Health Retreat) in Willow Vale, offering investors a very rare positive geared property with secure income source. The property can either be leased out to anyone from the public (as a normal rental property) or you can live in this yourself.

This chalet is similar to the 1 bedroom log cabins. However the 1 bedroom log cabins have a lounge, dining & kitchen downstairs and when you walk up the stairs there is a bedroom and a bathroom. With this chalet, there is a lockable door at the top of the stairs which will then separate the top bedroom, bathroom and a small kitchenette, entry is from another added ramp and door directly into the bedroom. The lower level has a large bed, dining area and another full ensuite. So the chalet can be used separately or just open the door and access both levels.

This hilltop log cabin property features:
- 2 bedrooms with bathroom upstairs & another downstairs
- Open plan living design
- Split system air-conditioner
- Large outdoor balcony
- Laundry
- Tank water
- Land size is 128m2
- You also own a portion of all the common ground and property.
- Electronic gated estate
- Facilities include swimming pool, sauna, tennis court and a gated entry.
- Property will be sold vacant.


Current maintenance:
- An antenna needs to be installed for digital TV signal. Quoted amount is $650
- This property has a lower bathroom instead of a kitchen, so there are no kitchen facilities. Should you wish the modify the bathroom into a kitchen like those in other Chalets, the estimated cost is $5,000. Price has been set at $10,000 - $15,000 lower to help with install of the kitchen and for you project managing this yourself.


Live in there yourself:
Should you wish to live in there yourself, the only expenses are body corporate fees, council rates and building insurance as below.


Rent it out:
Should you wish to rent this property out as as investment, below are the figures for you:

Estimated Yearly income As Is = $13,000.00 ($250 per week)
Estimated Yearly income If lower bathroom converted back to a kitchen = $14,820.00 ($285 per week)

Less yearly expenses:
Body corporate fees = $4,063.41 (Admin Fund $1,584.03 + Sinking Fund $2,479.38)
Council rates = $1,844.60
Rental Management fee = $1,215.50
Building Insurance = $134.36
NETT INCOME approx = $5,742.13


Borrowing funds?
- Current known lenders include: Suncorp, ANZ and Bank of Queensland.
- Due to smaller land size, banks will lend 50-60% of the sale price. Cash or equity in other property will be required for the balance.
- Based on ANZ "Interest Only" Loan, currently at 5.88% for 30 years, borrowing 60% of sale price which is approx $60,000, loan repayments are = $3,528 per year ($294 per month).


Common FAQ
Question: Will Golden Door Health Business still lease the chlaet?
Answer: The Golden Door are ceasing their business there and all properties are being sold vacant.

Question: What are the vacancy rates?
Answer: Vacancy rates are based on how you wish to rent out the property. As with all the other properties, houses, units, apartments we manage on the Gold Coast and Brisbane we recommend you obtain long term tenants with 6 month leases minimum and 12 months preferable and give tenants to option to continue renewing their leases to avoid any vacancy period.

Question: Who is managing the properties?
Answer: As we have many years experience there and a well established property management division our agency will be managing many of the properties there.

Question: Are there any restrictions or permission needed if I want these in the future?
Answer: No restrictions, this is just like any other normal property, you can rent, sell them whenever and to whomever you want.

Question: Are these strata titled, do I own any of the land?
Answer: Yes, just they are just like owning any other property, townhouse or duplex. You own the land size written in the description.

Edgar