Karen Baldwin – Morphett Vale, SA
Property Development Graduate
Background
This Morphett Vale deal was another property that Karen sourced through her RP Data research and letter-writing campaign. It is a beautiful “landmark” property (originally the “Trinity Winery”) that belonged to an older couple looking to move back to Perth. Karen subdivided the property into 4 community title allotments with the support of money partners. Upon the resale of the 4 properties, Karen made a combined profit of $203,500.
The Numbers
These cost include estimated cost of development and estimated profits.
| Expenses | Cost |
|---|---|
| Purchase price | $340,000 |
| Purchase costs | $17,000 |
| Development costs | $50,000 |
| Tree removal | $15,000 |
| Holding costs | $2,000 |
| Finance costs | $12,500 |
| Total cost | $436,500 |
| Resale (4 x $160,000) | $640,000 |
| Profit | $203,500 |
