The unit at 3/25 May St, Moe, needs a lot of TLC.
An uninhabitable unit in the Gippsland region has hit the market with a bargain $165,000 price tag.
However, the two-bedroom home’s new owner will need to roll up their sleeves to transform the run-down residence.
The abode at 3/25 May St, Moe, has rotting bathroom cabinetry, stained walls and kitchen fixtures, a partially-broken wall and broken floor tiles.
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John Kerr & Associates director Robert Sim said he was unsure how the unit came to be in its current state, as he was selling it on behalf of State Trustees Victoria.
The state-owned company provides financial and legal services to Victorians, who are unable to manage their own affairs due to disability, illness or other circumstances.
Records show the home, featuring an open-plan living, kitchen and dining area, a combined bathroom and laundry and carport, last sold for $26,000 in 1997.
According to PropTrack, the town of Moe has a median $241,250 unit price.
The unit last sold for less than $30,000 in 1997, records show.
State Trustees Victoria have put the home on the market.
Mr Sim said he had received queries about the home from metropolitan and interstate-based buyers attracted by the affordable price and its potential for renovation.
“I’m assuming it’s going to be a type of buyer who is likely to be trade-based and planning to carry out the works needed to whip it into shape,” he said.
The buyer would also likely fix the unit up to hold onto as an investment property or sell post-flip, Mr Sim added.
The unit is close to Moe Primary School, the town’s train station and Moe Racecourse.
Many buyer inquiries have come from tradespeople.
He said there was plenty of demand for rental properties in Moe and surrounds with a typical
a well-presented two-bedroom unit in good location usually leasing for between $300 to $350 per week.
Mr Sim said it was not commonplace to see a property in such ramshackle condition for sale in the local area.
“It is one of those opportunities for the right buyer that doesn’t come along very often, it is pretty rare down here,” Mr Sim said.
The unit will be auctioned at 11am on Saturday, November 15.
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