Sold! After the initial unsolicited approach did not result in a sale, we decided to let the agent look for a buyer at the price we had counter offered at. Our motivation for selling was primarily recognition of the fact that, while the property (our smallest) should always be easy to rent out due to its location, it has limited potential for improvement. After looking at some other properties we see better opportunities elsewhere.
We achieved our asking price and signed the provisional sale and purchase agreement yesterday. Completion is due at the end of June.
The IRR on this investment (after all costs) will be about 13.3% pa. This would not excite a private equity investor but it is well above what we need to be able to retire at age 50.
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