2 Bedroom House for Sale in WONGAWALLAN 26/400 Ruffles Road

26/400 Ruffles Road WONGAWALLAN

SOLD by The Edgar Natolo Team

If you have seen these for sale & sold before, well things have changed and it is even more exciting!

Located at the Golden Door 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 making this very, very affordable home.

This hilltop property features:
- 2 bedrooms
- Open plan living design
- Split system air-conditioner
- Bathroom with spa bath + separate toilet
- Fully functional kitchen
- Large outdoor balcony
- Laundry
- Tank water
- Electronic gated estate
- Facilities include swimming pool, sauna, tennis court and a gated entry.
- Property will be sold vacant.

Current maintenance:
- Property needs gutters cleaned, gutter guard installed and the water tank cleaned.
- An antenna needs to be installed for digital TV signal. Quoted amount is $398

Want to 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.

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

Yearly rental income = $16,380.00 ($315 per week)
LESS yearly expenses:
Body corporate fees = $4,063.40 (Admin Fund $2,772.32 + Sinking Fund $1,291.08)
Council rates = $1,844.60
Building Insurance = $170.49
Rental Management fee = $1,531.53
NETT INCOME approx = $8,769.98

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 $72,000, loan repayments are = $4,236 per year ($353 per month) leaving a positive cash flow of $4,533.98 in your pocket!

Edgar