2 Mary Street, Windsor VIC 3181

Sinking capex in 135yr old bones | Kitchen subs gain, but trade land for period tax | Rent yield 1.8% on equity, not income | one bath pinches family exit. This is a character property bought for love, not levered return. The single bathroom caps resale pool to couples or downsizers, forcing a 15-20% discount vs comparable two-bath layouts. The 445sqm block offers rear studio conversion potential, but at ~$400k build cost, this pushes total basis past $3m with no uplift in bedroom count. Hold for lifestyle, not capital gain; renovate only if you plan to stay a decade. What is rare here is the renovated period fabric on a walkable Windsor block: limed oak, Smeg kitchen, private deck. These features compress days on market to 30 vs the suburb average of 43. Best suited to a professional couple or designer-buyer who values finish over space. The studio adds rental buffer or work-from-home flexibility. To proceed, request a building inspection focused on the1890 foundation and verify the studio’s council approval—two steps that define whether this is a turnkey or a liability.