15 Phillips Street, Lakes Entrance VIC 3909

flat 585sqm block in Lakes Entrance | 3-bedroom house with wood heating and deck | 4.2% rental yield on current lease | near town and waterfront The property offers a rare combination of a flat 585sqm block and a covered Merbau deck, which is competitively strong in a coastal market where outdoor living and low-maintenance land are valued. The current lease at $420 per week gives a 4.2% yield, above the suburb median, making this house suitable for an investor seeking immediate cash flow or a first home buyer who wants the option to rent out a room. The wood heating and split-system air conditioning reduce ongoing energy costs, and the side-access shed adds functional storage that many comparable houses lack. The main risk is the property’s position at the lower end of the suburb’s price range, which may limit capital growth in a flat market—Lakes Entrance has seen only 3.7% suburb growth. The 20% rental proportion on Phillips Street is moderate, but the house’s reliance on a single bathroom could narrow the buyer pool for resale. An opportunity exists to add value by converting the shed into a home office or studio, leveraging the side access without major structural work. Hold this property for steady rental income and modest long-term appreciation, or use it as a low-entry coastal base with good lifestyle proximity.