An apartment on Lake Garda, let until June 2030, that needs gutting.
The listing says it: a complete renovation is needed, the energy class is G, and there is no lift. It also pays €7,440 a year. All three facts matter, and we lead with the first two.
€235,000
To live in, or to put to work.
The same house, read twice. Where one of the two does not add up, we say so instead of filling the box.
If you want to live here
You cannot live here until mid-2030, and not even then without rebuilding it first.
- There is a tenant on a residential lease that runs to June 2030. That is close to four years from today.
- When it is free, the listing says it needs a complete renovation and the energy class is G. So the move-in date is the lease plus the building site.
- If you want a home on this lake to use, this is not it, and we would rather say so than let you work it out at the notary.
- What would be good: 100 square metres on one level in the centre of Desenzano, two bedrooms, two car spaces and a balcony onto a shared garden. Those are the bones of a good flat.
If you want to invest
This is the one of the three that is actually sold as an investment. Here is the arithmetic, including the parts the listing leaves out.
- €7,440 a year on €235,000 is 3.2% gross. That is the number before anything is taken off.
- Off it come: tax on the rent, at 21% under the flat-rate regime for a first property; the annual property tax, which starts at 0.86% of the revalued cadastral value; and the service charges of a four-unit building.
- Then the renovation. The listing says it needs a complete one and does not price it. Until that number exists, no net yield is worth writing down, and we are not going to invent one.
- The lease to June 2030 cuts both ways: income from day one, and no short lets, no repricing and no renovation until it ends.
- The asking price has already come down 7.8%, from €255,000. We mention it because you would find it anyway, and because it tells you something about how long this has been for sale.
What we have verified.
- Price per square metre
On the commercial area of 130 m². The asking price came down from €255,000, a cut of 7.8%.
Source: Annuncio Immobiliare.it 131325566, 20261,808
€/m² - Commercial area
The home itself is 100 m². The rest is the garage at half weighting and the balcony at thirty per cent.
Source: Annuncio Immobiliare.it 131325566, 2026130
m² - Rooms
Two bedrooms, an eat-in kitchen, a large living room and one bathroom, on the raised ground floor.
Source: Annuncio Immobiliare.it 131325566, 20263 - Double garage with cellar, basement
Two car spaces. On this lake, in the centre of a town, that is not a detail.
Source: Annuncio Immobiliare.it 131325566, 202650
m² - Energy class
The lowest band there is. Heating this flat costs what the band suggests, until someone renovates it.
Source: Annuncio Immobiliare.it 131325566, 2026G
≥ 175 kWh/m² a year - Condition
The seller’s own listing says so. What it costs is not in the listing, and we have not costed it yet.
Source: Annuncio Immobiliare.it 131325566, 2026—
complete renovation needed - Current rent
A residential lease running to June 2030.
Source: Annuncio Immobiliare.it 131325566, 2026€7,440
a year - Gross yield
€7,440 against €235,000. Gross: before tax, before service charges, and before the renovation the listing says is needed.
Source: Annuncio Immobiliare.it 131325566, 20263.2
% - Lift
A single-storey building with four units. The home is on the raised ground floor, so it is a few steps, not a climb.
Source: Annuncio Immobiliare.it 131325566, 2026—
none
Before it reaches you, it goes through our technical office.
Five items, not a brochure. Our technical office puts each one in writing, and the fifth is always an honest defect. If we couldn’t find one, we wouldn’t trust the rest ourselves.
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Condition of the apartment, and what a complete renovation would cost
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Planning and cadastral compliance
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Energy class and systems, and what the G band costs to run
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The lease, the service charges and the state of the shared parts
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The honest defect
On every property we write down at least one honest defect. Even when it costs us the sale.
Who it’s for. Who it isn’t for.
This is for you if
- You are buying income, and a long lease is a feature rather than a problem.
- You can wait: the money works from day one, the house works from 2030 and a renovation.
- You want the arithmetic done out loud, including the parts that come off the top.
This is not for you if
- You want to use it. There is a tenant until June 2030.
- You want it ready. The listing itself says it needs a complete renovation.
- You want a short-let yield. The lease is residential and runs for years.
- You want quiet in August. Desenzano in August is the opposite of quiet.
Let’s redo the numbers on this one.
One call, by phone or video, in your time zone, with the numbers of this property in front of us.
- The numbers, and what the same money buys in your city.
- What our technical office found, honest defect included.
- Measured travel times from the airports you would actually use.
- Whether it is worth the flight, and when.
If this is not the right house for you, we tell you before you book a flight.
It is an Italian number: from abroad, dial it with +39. No newsletter, no email sequence. One call, the numbers, then you decide.
By calling you agree to our processing your number to call you back. Read the privacy notice.
Questions about this property.
Why are there no photographs?
Because the ones that exist are not ours to republish. Photographs come with our own inspection, and the apartment is tenanted, so that is arranged with the tenant rather than around them.
Where do these figures come from?
From the listing, and every one of them says so with a link. We re-confirm them with the owner in writing before anyone signs anything, and our technical office checks the ones a listing cannot answer: what the renovation costs, and what the shared parts are hiding.
Can I get the tenant out sooner?
Not on your own say-so. An Italian residential lease binds the buyer as it bound the seller, and the end date is June 2030. Anything else you may be told about this needs a lawyer, not an agent.