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This Week on onBoulevard Discovery: Inside a $300k Avondale West Deal
At onBoulevard, we’re building toward a new standard for property discovery in Zimbabwe: where listings aren’t just photos and descriptions, but context, numbers, and clarity.
This week, we’re showcasing that direction with a focused deep dive on one standout opportunity: a modern 4-bedroom townhouse in Avondale West.
Below is the investor memo, projected returns, and verification notes, the kind of analysis we believe every buyer should have access to.
Investor Memo — Avondale West Townhouse (4 bed / 3 bath)
Price: USD 300,000
Location: Avondale West
Size: 300 m² (house) on 540 m² land
Type: Modern, upmarket townhouse — move-in ready
Executive Summary (TL;DR)
What: High-spec 4-bed townhouse in Avondale West — turnkey, tenant-ready for USD lettings.
Why it’s interesting: Avondale West is a liquidity-rich rental micro-market (NGOs, corporates, diplomats). A ready property reduces capex/time-to-rent risk.
Primary return profile: Cashflow-first with reasonable capital preservation; expected gross yield approximately 6.4–7.6% (see calculations below).
Primary risks: Levies/HOA costs, supply of similar high-spec stock, paperwork/title checks, and local property management quality.
Decision: Suitable for an investor prioritising stable USD rent and low short-term capex. Not a high-cap growth speculative play.
Investment Thesis & Use Cases
Core thesis: Buy a move-in-ready USD-denominated rental asset in a secure, in-demand corridor where time-to-income is short.
Buyer fit: Diaspora investor seeking predictable USD returns; local investor looking for portfolio diversification into rentals.
Use cases: Long-term hold for steady USD rental yield; short-term hold and re-sell to investors targeting rental income.
Key Assumptions & Base Inputs
Asking price (P): USD 300,000.
Estimated likely monthly rent (Rₗ): USD 1,600 – 1,900 (we will use three scenarios: conservative 1,600; base 1,750; optimistic 1,900).
Annual rent (AR): Rₗ × 12.
Conservative AR = 1,600 × 12 = USD 19,200.
Base AR = 1,750 × 12 = USD 21,000.
Optimistic AR = 1,900 × 12 = USD 22,800.
Gross yield (%) = AR / P.
Conservative gross yield = 19,200 / 300,000 = 0.064 = 6.40%.
Base gross yield = 21,000 / 300,000 = 0.07 = 7.00%.
Optimistic gross yield = 22,800 / 300,000 = 0.076 = 7.60%.
Expense assumptions (annual) — typical line items and conservative percentages of gross rent:
Levies & HOA / rates: assume 10% of gross rent.
Management fees (letting & management): 8% of gross rent (if using a professional manager).
Maintenance/repairs & provision for vacancy: 7% of gross rent.
Total operating expense (approx) = 10% + 8% + 7% = 25% of gross rent.
Net operating income (NOI) = AR × (1 − expense%).
Conservative NOI = 19,200 × (1 − 0.25) = 19,200 × 0.75 = USD 14,400.
Base NOI = 21,000 × 0.75 = USD 15,750.
Optimistic NOI = 22,800 × 0.75 = USD 17,100.
Net yield (%) = NOI / P.
Conservative net yield = 14,400 / 300,000 = 0.048 = 4.80%.
Base net yield = 15,750 / 300,000 = 0.0525 = 5.25%.
Optimistic net yield = 17,100 / 300,000 = 0.057 = 5.70%.
Cashflow Summary (year 1 example — Base case)
Gross annual income: USD 21,000.
Operating expenses (25%): USD 5,250.
NOI: USD 15,750.
If financed: if the investor uses financing, interest and principal change returns substantially — this memo assumes a cash purchase unless you ask for a custom financed model.
Comparable & Market Context (Qualitative)
Avondale West townhouses typically rent to NGOs, expats and corporate tenants in the USD ranges we used. The time-to-tenant is short when the property condition and security are good.
Competition: relatively stable but new premium builds could soften rents; confirm recent letting evidence from agent/management.
Exit Strategies
Hold & rent — steady USD yield, low capex; hold horizon 5–10 years.
Airbnb + brand + sell — successfully run it as an Airbnb, brand the property, operationalize the processes and systems, and resell as a business-in-a-box
Sell to institutional buyer/investor pool — if yields hold and market liquidity is good.
Valuation Sensitivity & Suggested Negotiation Range
Current ask: USD 300,000.
If you require a stronger initial yield (target net yield 6.5%): compute the acceptable price: Price = NOI / target yield. For a target yield of 6.5% and base NOI 15,750 → Price = 15,750 / 0.065 = USD 242,307. That’s a big gap, but one worth aiming for.
Practical negotiation range: given market, aim for USD 270,000 – 295,000 as first offers; 270k gives better buffer. Example: net yield at 270k base NOI 15,750 / 270,000 = 5.83% net yield.
Recommended offer strategy: Start with USD 265k – 270k (if you want a buffer), expect counter; be prepared to go to USD 290k max if paperwork and rental history are strong and inspection clean.
Key Risks & Mitigations
Levies / HOA surprises: Get full levy schedule, minutes of HOA (if applicable) — mitigate by asking seller to disclose 12 months’ levy receipts.
Title/encumbrance issues: Perform deeds search and encumbrance check — require clean title or known bond transfer process.
Construction/workmanship defects: On-site inspection (use an independent surveyor) and snag list; negotiate repairs or escrow for any issues.
Letting risk: Request recent rental comparables and withholding period clause; line up a letting agent pre-closing.
Currency/bankability risk: Confirm how rent is collected; ensure contract allows USD collection and repatriation arrangements (if diaspora buys).
Regulatory risk (planning/usage): Confirm permitted use and no outstanding notices.
Recommended Next Steps (if you want to move on the deal)
Send the agent the document request (template below) and schedule a viewing / virtual tour.
Order a title/deeds search (lawyer) and get the rates/levies certificate.
Request 12 months of operating statements (if let previously) or at least 3 months of proof of income or agent-let history.
Book a 2-hour site inspection with a local inspector or trusted contact — photo & video record.
Obtain a rental comparables report from 2 letting agents.
If all checks are clean → submit an offer in the suggested negotiation range with conditionality (legal & technical due diligence window and deposit in trust).
CHECKING OUT
That wraps up this week’s investor memo.
One listing, analysed the way we believe every Zimbabwean property deserves: verified, modelled, and stripped of the usual sales fluff.
What we’re building at onBoulevard is bigger than listings; it’s a smarter marketplace where buyers get clarity, numbers, and transparency. More curated deals are coming, and soon each one will include deeper comps, neighbourhood analysis, and verified documentation.
If this issue helped bring clarity, share it with someone who needs better information in their property journey.
And if you’d like us to run this property (or any other you’re eyeing) through your specific buy box or investment goals, just reply to this email. We’re here to help you make smarter, safer moves.
Let’s build a smarter, safer property marketplace together.
— Zivanai
Founder, onBoulevard
P.S.
Developers/Agents: Want your property verified and packaged in a way that speaks the language of serious buyers and investors?
Submit your listing for an Investor ROI Memo
Disclaimer
This newsletter is for informational purposes only and does not constitute financial, legal, or tax advice. Nothing herein is a recommendation or endorsement of any specific investment, strategy, or service. We are not a broker-dealer, investment advisor, or underwriter, and we do not assess the suitability, legality, or regulatory compliance of any securities offering mentioned.
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