Purchase Price: $415,000
Appraised Value: $500,000
Interestingly, this couple actually had plenty of experience in real estate… They already owned a number of properties but had found themselves in analysis paralysis
On top of being sub-dividable with a $110k land sale upside, it is also zone approved to allow a Boarding House (HMO) Construction on the subdivided lot, which is going to mean a total net cash flow of around $25k upon completion You see, the sales agent made an error and didn’t understand the zoning and the real potential of this deal… which meant that the property was undervalued by around $85,000!
All in all this deal is most definitely a “unicorn” … and has allowed this couple the comfort to submit their long service leave applications and start planning their once-in-a-lifetime trip with the family