Key Investment Insights
1. The current caretaker has been in position for 8.5 years and has a positive relationship with the Body Corporate, Committee, and Owners.
2. Rental demand for the complex is high and vacancies are easily filled due to the well-maintained properties.
3. There are 22 years remaining on the 25-year agreement, with the potential for a top-up at the 2020 AGM.
4. There are currently gardening and pool maintenance contractors in place, but the new owner can choose to take over these duties or continue with the current service providers.
5. The current caretaker salary is $77,615.
6. The complex requires the caretaker to reside on-site and be available during specified hours.
7. The current caretaker uses Property Me Software and tenants pay by direct deposit.
8. Office-related duties take approximately 2 hours per week.
9. The option to purchase only the caretaking rights is available, with a reduced price of $66,000.
10. The total income for the business is $105,000.
11. The total price for the business and unit is $999,000.
12. The committee is flexible and willing to work with the new caretaker to allow for flexibility once trust is built.
13. The complex is described as very easy to operate.
Management Rights Multiplier: 2.37
ROI Estimate: 42.17%