The current owner has left real upside on the table. Three low-cost improvement phases have been identified — each implementable at lease renewal with no vacancy impact:Phase 1 — Security, storage & laundry upgrade (under $4,000)Divide and secure the undercroft to give each tenant a private lockable space and coded laundry access. Estimated rental uplift: +$170–$250/pw. First-year ROI: 221%–325%.Phase 2 — Sub-meter water charge-back ($2,400–$4,200)Install approved sub-meters and recover water usage from tenants under Queensland tenancy law. Annual saving: ~$756.Phase 3 — Kitchen, bathroom & window refresh ($10,000–$15,000 per unit)Targeted cosmetic refresh — not a full renovation. New tapware, vanities, splashbacks and blinds. Estimated uplift: +$70–$100/pw per unit.Combined result after all three phases:→ Gross rent: $2,720–$2,900/pw→ Gross annual income: ~$141,000–$151,000→ Net yield on $2.4M: 5.10%–5.37%→ Implied property value at 4.5% yield: $3.1M–$3.2M
