49 Middleton St, South Kempsey
We hear from the media how expensive property has become, why not jut buy one for $50,000!
This is exactly what a lucky buyer did at 49 Middleton St, South Kempsey, which is a 2 bedroom house set on 664m2 of land.
The property was marketed by a successful local agent named Robert McNamara of Winsome Real Estate and sold after 16 days on the market. He summarised the marketing perfectly by stating ‘you’ll get a better return than your money being in the bank’.
If you’ve never heard of South Kempsey, it’s a market 40 minutes North of Port Macquarie. The last 2 bedroom houses that sold were located at 5 Robert Eggins St, South Kempsey set on 639m2 of land in June 2018 at $145,000 with a tenant in place at $220 per week. 44 Middleton St, South Kempsey set on 733.5m2 of land, was sold for $149,500 in January 2018 with a forecast rental at $250 per week.
I would estimate about $100,000 to bring the property back up to a condition that is liveable. In the process you would probably want to add a third bedroom, to further increase the value.
In total with renovation and purchase you would be looking around $150,000, however in my opinion your end value would well trump those 2 bedroom sales.
After some renovation work the property could be rented at between $200-$220 per week according to the advertisement.