201 Coppin Street RICHMOND

Comments on 201 Coppin Street RICHMOND

This is an interesting proposition when you look at it through our Three Ps - Position, Property and Price.
 
Position
Coppin Street carries a reasonable amount of traffic, so the street itself is less than perfect.
 
That said, it is divided, the traffic doesn’t appear to move particularly quickly, and importantly I couldn’t hear much traffic noise from inside the house.
 
On wetter days that may be different, but if noise became an issue, double glazing is a relatively straightforward improvement.
 
So I wouldn’t call the street perfect, but nor would I call it awful.
 
The broader position is good. You are genuinely in amongst Richmond and, while the nearby shopping strip didn’t particularly excite me, this is fundamentally a good and convenient part of Richmond.
 
 
Property
This is where I think there is quite a lot to like.
 
I love the façade, the land size and particularly the proportions of the rooms. The backyard is excellent, there is good potential for northern light, and the rear car access gives you genuine flexibility.
 
Importantly, I don't think you necessarily need to undertake a massive renovation to improve the home considerably.
 
Bringing the bathroom and toilet inside would be an obvious first move, potentially with a second bathroom depending on the plan. You could investigate going upstairs, but equally, you may find you simply don't need to.
 
There appears to be enough land and flexibility to create garaging with direct access into the kitchen/living area while retaining two or three genuinely good-sized bedrooms.
That's what appeals to me here: there are several ways forward rather than one expensive solution.
 
You could live with it, rent it with some additional work, improve it modestly, or undertake a more substantial renovation when the timing suits you.
 
 
Price
This is ultimately where the proposition either works or doesn't.
 
There is enough surrounding evidence to suggest that a well-renovated home of this nature can achieve $2 million-plus, even in a tougher market.
 
If we could buy around $1.5m–$1.6m and ultimately renovate intelligently for, say, $400,000, then I think the numbers have some logic. You haven't necessarily manufactured an enormous paper profit, but equally you haven't obviously overcapitalised — and avoiding a major financial mistake is three-quarters of the battle.
 
Nor do you need to spend the $400,000 immediately.
 
Perhaps the first $100,000 or thereabouts goes towards making the bathroom/toilet arrangement more comfortable and bringing the home up to a better living or rental standard. You can then decide what the larger renovation looks like once you've had time to understand the property.
 
For me, this isn't a story about buying perfection.
 
It's about buying fundamentally good ingredients at the right price — land, façade, room proportions, rear access, northern light and flexibility — while accepting one compromise in Coppin Street itself.
 
You can improve a bathroom. You can improve glazing. You can improve garaging, kitchens and living spaces.
 
You can't manufacture good land or fundamentally change a poor underlying property.
Recommendation
 
If the home feels right to you and you're comfortable with Coppin Street, I think this is one worth pursuing at the right price.
 
There is enough here to work with, enough flexibility not to force an immediate major renovation, and enough evidence at the renovated end to give me comfort.
 
Good potential. Imperfect position. Strong underlying property. Price discipline remains the key.