This is an interesting one, suited to temporarily parking yourself before developing. It has pretty much all of the attributes we look for in a deal, it is just priced too high... but we have some thoughts around this. So what are these attributes? Two street frontages and a zone that allows for a 2 lot subdivision is a good start. An agent who appears to not realise it can be subdivided is another fantastic attribute, along with the fact it isn’t necessarily simple, which is a positive as we’d have a heap of competition if it was. It is in a cracking location that is mostly quiet, just down from a handful of cafes and where some great end values are achieved. It is also just across from parkland/sporting fields. To top it all off it appears to be a really good house that is full of character, has 3 bedrooms, 2 bathrooms, multiple living rooms (or perhaps convert to a 4th bedroom?), bonus spaces (we assume not legal height) underneath, a very large deck and a pool that tenants or owner occupiers will love. It is a house that many people would love to live in a would suit a family. We mentioned the price is too high, and it is to develop immediately, but the price isn’t that far over the top for what you are getting as a house, especially if you do convert it to a 4 bedroom property. The twist is that it appears likely you can demolish the oversized rear deck and pool and have space for a 300m2 vacant lot whilst retaining the rest of the house. Our numbers do not work for this, but as you are effectively buying a development site at a house price, it should suit someone to buy and rent or occupy. The location and market demand will get the numbers working eventually, but in the meantime you have a cracking house in a great location. We need to have a detailed conversation with the agent around price, but our hope is to buy it a fair way under the advertised price, the hope being that the asking price has knocked out a lot of potential buyers making it easier to buy than had they priced it right at the start. Buyers around $1.07m.