I've seen inside this Ryhope first floor flat as the landlords were considering doing it up themselves prior to letting it out - they've clearly decided to sell it on and let someone else do the work!
It's best to work on a 'worst case' basis, so prior to full redecoration & new flooring I would factor in a rewire, boiler & central heating installation, fitting a new bathroom and fitting a kitchen (as there isn't one currently)
All in I'd estimate around £20k to get it to a lettable standard that will attract a Good Tenant
That said, given the bargain £40k asking price, it will still return 8% Gross Yield based on £400pcm rent
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