1 Bedroom House for Sale in WONGAWALLAN 12/400 Ruffles Road

12/400 Ruffles Road WONGAWALLAN

SOLD by The Edgar Natolo Team

Located 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 hill top log cabin property features:
- 1 bedroom with bathroom upstairs.
- Open plan living design.
- Split system air-conditioner.
- Fully functional kitchen.
- Large outdoor balcony.
- Laundry.
- New Free to Air digital TV satellite dish.
- New clothes hanger installed.
- Electronic gated estate .
- Facilities include swimming pool & tennis court.
- Property is currently leased.
- Land size is 128m2.
- You also own a portion of all the common ground and property.


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


Keep as an investment:
This property is currently leased for $285 per week. Lease dates are 24/11/14 to 24/05/2015

Yearly Rental Income = $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 = $1,458.60
Building Insurance = $134.36
NETT INCOME approx = $7,319.03


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 = $5,124 per year.


Common FAQ

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