112/490 Pinjarra Road, Furnissdale WA 6209

55m² park home unit | Riverglades private estate | tenanted & 0% vacancy | 5-year locked lease | low-maintenance riverside This unit presents a secure, cash-flow focused investment within a controlled estate environment, not a typical residential purchase. Its strength lies in the Riverglades Estate’s operational model: a tenanted unit with a locked 5-year lease and scheduled rental increases, translating to immediate, hands-off yield in a community with reported 0% vacancy. This configuration is exclusively tailored for investors prioritizing predictable income over capital growth or owner-occupancy, and for downsizers seeking a low-maintenance, community-oriented setting on the river. The primary risk is illiquidity and constrained value growth, given the highly specific, compact product type and its reliance on the estate’s continued management success. The opportunity cost is forfeiting land appreciation and personal use. Proceed strictly as a set-and-forget income instrument within a diversified portfolio; it is unsuitable for a growth-focused strategy or a primary residence seeker. Recent sales data indicates a wide value range for similar 1-bed units within the estate, critical for assessing this listing. A comparable unit at 129/490 Pinjarra Road sold for $47,500 in January 2025, while the subject property is offered from $390,000 with an estimated value up to $416k. This extreme disparity likely reflects a sale of a leasehold interest or a fundamentally different title structure, not a direct market comparison. For the listed unit, the $390k-$416k range aligns with the estate’s premium for its secured tenancy model, but buyers must verify the title and tenure specifics that justify this multiple.