Wednesday, 12 November 2014

Versatile 'Needs Work' Three Bedroom Terrace Close to City Centre & University (+7.3% Gross Yield)

This 3 bedroom Millfield terrace is very close to the University and therefore could appeal to both family tenants & also students

Either way it needs work, with full redecoration & flooring, a new kitchen and bathroom required. In addition to this the internal photos suggest historic issues with water ingress so it would be worth checking the roof, pointing & guttering

Based on adding a worst-case £20k budget to the £70,000 asking price it will still return 7.3% Gross Yield based on £550pcm rent (renting to a family)

Students will pay significantly more for a Furnished and 'Bills Included' property (so double digit yields are theoretically possible) but I'd suggest if this was the preferred route it would be worth having a more detailed chat about the student market in Sunderland as it is not necessarily going to be best for all Landlords

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