51 Richardson Street, St Kilda, Dunedin

2 Flats, One House, In one great location!

Look at this price - $430,000 which offers 6.3% gross return on asking price in this fast moving market with a distinct rental shortage and low interest rates - its a "no brainer"!! This could be your answer to Dunedin's rental shortage! Sitting on a corner site in super sunny St Kilda is this character bungalow that is in 2 self-contained flats. Flat 1 has been renovated a few years ago and boasts 2 bedrooms plus a sunroom and has been converted to gas hot water, this flat has been tenanted until November 2020 at $340 per week. Flat 2 is a one bedroom flat in an original condition with no renovations but a long term (9 years) tenant paying $185 per week on a periodic tenancy.With a very good weekly return of $525 equating to $27,300 gross per year this property has proven to be a consistent "cash cow" for the last 20 years for the current vendors. Both flats have an off-street parking spot and both have heatpumps and ceiling insulation. This is a very exciting opportunity and Dunedin is currently short on rentals with a real squeeze to come over the next few years, act now and reap the rewards!.