16 Compton Street, Rangeway WA 6530

Rangeway box on main road | unrenovated 1962 shell | land-heavy site with split uses | no heritage but street risk evident | rent yield only plausible return The core risk is a 1962 structure that has never been materially upgraded, meaning every system inside is past its economic life. You are buying 809m of R20-zoned land carrying a depreciated shell, likely a future knockdown. The $450,000 entry point sits above the suburb median, pricing in land value rather than house quality. The supporting logic is simple: the 36% suburb growth is already baked into the listing, and the rental spread of $440-$535 per week only covers a gross yield near 5% before holding costs – a thin margin if rates rise or vacancy ticks up. Your realistic hold is conservative: treat the dwelling as marginal accommodation until you decide to subdivide or rebuild. What makes this property competitive is the land mass relative to neighbours on Compton Street, where 80% of owners have stayed long enough to absorb volatility. The 27% site coverage allows for a second dwelling in the future, and the lack of overlays removes approval friction. This suits an investor who wants land banking with immediate rental cash flow, or a first-home buyer willing to live in a dated house while capital growth does the heavy lifting. The fact the street has only 21 properties and sits 300 metres from a primary school gives you a micro-location edge that newer subdivisions lack. If you trust the 36% annual suburb growth trend, this is not a property to renovate – it is a land position to park capital into for three to five years, then exit when the site is worth more than the structure. Your next step is a building inspection on the 1962 slab and a structural report on the roof, because the satellite data showing 5-metre roof height suggests the attic is wasted space that could be converted. Do not negotiate on price until you confirm whether that space is load-bearing.