Price Guide $195,000 to $210,000

This property at 2118/185-211 Broadway, Ultimo, presents a unique investment opportunity, likely a student accommodation or studio apartment given its low price point within a high-value suburb. The listed price guide of $195,000 to $210,000 is significantly below the average and median prices of other apartments in Ultimo ($954,800 and $1,150,000 respectively), indicating it's a different class of property, likely a studio or a smaller, restricted-use unit. This makes it appear undervalued relative to the broader market, but it's crucial to understand the specific property type and any usage restrictions. The comparable properties provided include a 1-bed, 1-bath unit for $169,900 and another for $199,000, which are the most relevant benchmarks for this price range. Based on these and typical student accommodation rates in Ultimo, a realistic estimated weekly rent is $350. This estimate is based on the assumption of a small studio or 1-bedroom unit, considering its price point and the high demand for student housing in Ultimo due to its proximity to universities. The confidence level for this rental estimate is moderate, as specific bedroom/bathroom counts for the subject property are missing, and detailed comparable rental data for units in this specific price bracket is limited to just two sales prices without rental estimates. At a purchase price of $195,000 and an estimated weekly rent of $350, the gross annual rental yield would be an impressive 9.33%. This high yield is a significant investment strength, particularly attractive for cash flow investors. The flip potential is moderate; while the low entry price offers a good margin, the property's likely small size or specific use (e.g., student accommodation) might limit capital growth and broad buyer appeal for resale. Key investment strengths include the exceptional potential rental yield and the highly desirable Ultimo location, which benefits from strong tenant demand. Potential risks include the unknown specifics of the property (size, condition, any usage restrictions), which could impact financing and resale, and the general volatility of the student accommodation market. The recommendation is to conduct thorough due diligence to confirm the property type, size, condition, and any strata or usage restrictions. If it's a freehold studio with no major restrictions, it represents a strong cash-flow positive investment.