16 Mcdonald Street, Colac VIC 3250

Renovated 1940s house | 807m² block | walkable Colac | rear lane access | no overlays The buying case rests on a rare combination of a refreshed character home on a generous 807m² block with rear lane access and no overlays, in a walkable position near the lake and town centre. The recent cosmetic updates—paint, carpets, polished floors, and an updated kitchen—remove immediate maintenance demands, while the re-stumping within the last decade provides structural confidence. This property serves first-home buyers seeking a turnkey home with expansion potential, downsizers wanting single-level living with a usable yard, or investors chasing a 4.5% gross yield on a low-risk landholding. The primary risk is the single bathroom, which may limit appeal to families and future resale breadth, though it is standard for the era. The 1940s construction may require electrical or plumbing upgrades not yet addressed, and the 807m² block, while large, has no subdivision potential under current zoning. The opportunity lies in the rear laneway access and generous land-to-building ratio, which could support a studio, shed, or future extension without triggering overlay constraints. The property is priced below its estimated value, offering immediate equity upside in a stable regional market.