The opportunity

Bargain Renovator

25 Watson Esplanade, Surfers Paradise
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For sale: $195,000

What you expect

Situated in a small block of 8 adjacent to water, this spacious 1-bedroom unit is tucked away in a hidden pocket right in the heart of Surfers and walking distance to all the action. The property was purchased 14 years ago for $187,500 and the owner due to personal circumstance has instructed us to consider all offers above $190k.

The property has been tenanted constantly and fetches $240 in its current condition and the tenant happy to stay so you can just add this to your portfolio and wait for someone to come redevelop the area which is inevitable eventually.

Fancy a reno? Estimated renovation costs are $12-$15k (quote from a reputable builder but please do your own research, this is a guide not advice). Once renovated you could increase the rent and let long term or go for shorter term holiday letting which would be extremely popular owing to its location. Mere minutes' walk to the centre of Surfers Paradise shops, CBD, the beach & light rail. This is a prime waterside location and has fantastic redevelopment potential.

Spacious one bed, one bath
Includes Fridge, oven, queen bed, lounge and dining table (optional)
Open plan living and dining
Undercover cover car parking space
Body Corp approx $50pw
Tenant periodical but happy to resign
Future redevelopment area