Potential Rental Purchase, good Rent, no code of compliance
Opportunity to buy a six bedroom house for $580,000 NZD in Auckland, New Zealand. Current rent is $1250 a week, mortgage at (2.5% is $529 a week, @ 4% is 639). We would walk away after tax with @2.5% = 483 a week, @4% = 409 a week. No code of compliance for a few things built on the property that the council claim as their land. The house itself is legal. Selling the house in the future would mean we would require someone with cash to buy as banks might not loan to someone, unless they leverage off their property. I will manage the house along with another one we own so won't pay any fees to a property manager. Thoughts??
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Sounds like a nightmare, if you can't legalise it don't even think about it dude.