8 Bartlett Street, Elizabeth Downs SA 5113

3-bed maisonette | tenanted below market until 2027 | flood overlay present | fixer-upper in General Neighbourhood zone The property’s primary buying case rests on its rare combination of a long-term tenancy until mid-2027 and a price point that sits below replacement cost for a 468m² lot in a growing corridor. The 1960s duplex configuration offers a separate kitchen and dining layout that renovators can modernise without structural changes, while the carport with rear yard access adds functional flexibility. This suits investors seeking immediate cash flow with a forced appreciation pathway through renovation, or first home buyers willing to trade cosmetic condition for lot size and location near Elizabeth and Munno Para centres. The key risk is the flood overlay, which may increase insurance premiums and limit some development options, though no heritage or bushfire constraints apply. The below-market tenancy at $330 per week until 2027 creates a yield gap of roughly $100-170 per week versus market estimates, meaning the buyer effectively subsidises the tenant until lease expiry. The opportunity lies in using that holding period to plan a renovation that lifts the property into the $435-500 per week rental range upon vacancy, or to hold for land value appreciation in a zone that permits general neighbourhood density. Buy this for the land and the tenant, renovate at lease end.