6 Cowrie Court, Waikiki WA 6169

| Tenant locked below market | Workshop adds lateral value | No overlays reduces friction | Rental gap limits cashflow The property offers a rare mix of secure income and expansion potential. At $600 per week, the tenancy until late 2026 creates a guaranteed holding period but caps current yield below market, costing roughly $50 per week in forgone rent. The 6×6 workshop and flat rear yard open clear granny flat or pool options, adding commercial logic for a patient buyer who can absorb a two-year wait. This house serves best as a buy-and-hold for an investor seeking a land-backed position without immediate development pressure; do not expect quick capital gains from a flip. What makes this competitive is the combination of a quiet cul-de-sac, a fully functional workshop, and a tenancy that removes vacancy risk for a new investor. The low-maintenance yard, bore reticulation, and solar panels reduce operating costs, improving net returns for a portfolio-focused buyer. The lockable workshop and side access provide rare utility for a tradesperson or hobbyist. Your next step is to model the rental rise potential at lease end and check council feasibility for a granny flat; if numbers align, proceed with a pest and building inspection while the lease provides cover.