Centrally located tidy Cooktown investment house.
Within walking distance from schools, the hospital and everything Cooktown this tidy 3-bedroom 2-bathroom home is a top investment house. With a head lease with Queensland Health, the house is currently used to house visiting surgeons and doctors working at the Cooktown hospital. It is within a 5min walking distance to the hospital and most other services.
The owners offer this property to the market after 10 years of ownership. They lived in the house for the first 7 years before changing jobs leading them away from Cooktown. It has been rented to Qld Health for the past 3 years with the head lease now in its first of two 1-year options.
The house is an easy to maintain property, it is fully airconditioned with split and box air conditioners. All windows and doors are security screened making it compliant for the health & education departments to rent. The property is returning $450 p.w or $23,400 p.a with a net return on investment of 4.3% or ROI of 5.75% gross.
The Cooktown region is in progress mode and has zero vacancy rate on rentals. Over the past 24 months, many of the rental houses have been purchased by owner-occupiers placing stress on the rental market. Queensland Health and Queensland Education as well as Cook Shire Council all require more rental homes making investment rental homes a secure proposition, offering better returns than money in the bank or the share market. Due to this property’s convenient location and tidy condition, it will be possible to renew the head lease with Qld Health in the future.