4/33 Spring Street, Preston VIC 3072

| Flood overlay risk | Narrow owner-occupier appeal | Low land-to-building ratio | Price guide above recent median comparables This property carries a flood overlay, an uninsurable cost that reduces exit options. The 86m² floorplate on 113m² land means future extension potential is absent, capping long-term capital growth to market averages only. Opportunity lies in a strong rental yield-estimated $595 weekly-offering a 4.5% gross return at the lower end of the price guide. Judgment: hold as a rental, not a freehold to improve. The north-facing courtyard and rear block position deliver rare privacy for a double-storey townhouse this close to Preston Station and market. For a buyer prioritising low-maintenance, lock-and-leave living with strong tenant demand, it competes directly against newer apartments. This suits a downsizer or investor seeking steady cash flow, not capital gains speculation. To proceed, commission a flood report and test comparable negotiations against the $635,000 median.