121 Union Street, South Lismore NSW 2480

weatherboard character | level 505m² block | rear-laneway shed | high-rent yield | flood overlay present This property’s competitive edge lies in its combination of original charm—floorboards, high ceilings, screened porch—with a modern kitchen and bathroom, offering immediate livability in a sought-after South Lismore location. The level 505m² block with rear laneway access and a newly built shed is rare for a two-bedroom house, giving a buyer flexibility for storage, workshop, or additional vehicle parking. It serves best an investor seeking a strong 7% gross rental yield, or a first-home buyer wanting a move-in-ready house with renovation scope. The reliable connectivity adds a supporting layer of appeal. The primary risk is the flood overlay, common in South Lismore, which demands verification of insurance costs and history before proceeding. However, this overlay also suppresses purchase price relative to comparable suburbs, creating a value entry point. The property’s strong rental demand and median value growth in the area suggest capital appreciation potential, provided the buyer is comfortable with flood management. For an owner-occupier, the fully fenced yard and level block offer a low-maintenance lifestyle opportunity.