Thursday, 25 September 2014

Bargain but "Needs Work" 1 Bedroom Flat Close to City Centre & Mowbray Park

This 1 bedroom top floor flat needs lots of work throughout and once completed it will be competing against a lot of similar flats in Ashbrooke but the bargain price makes it worthy of consideration

It's on the market for £29,950 and I'd allow a further £15,000 for improvements so the total investment will be the best part of £45k

Both Sold Prices and Rents in SR2 have fallen in recent years (due to oversupply in both markets) but even so, based on the above and £350pcm rent this will return 9.3% Gross Yield and even with the large quantities of similar properties on the market there's scope for capital growth given most similar 1 bedroom flats in converted properties start from around £65,000

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