Tuesday, 31 March 2015

Portfolio of 6 Tenanted Properties in SR5 (For Sale as Portfolio or Individually) - 8.8% Gross Yield

The following 6 tenanted properties are owned by the same person, looking to sell them individually or together as a portfolio

There are 5 three bedroom properties and 1 with two bedrooms, all in the SR5 postcode (a mix of Redhouse, Downhill and Witherwack)

Five of them are at priced at £72,000 with one at £77,000 and the selling agent advises that 4 of them are getting £475pcm and 2 are achieving £520pcm

In my opinion £520 is a bit high, I think it would be more sensible to work on getting £495 at most (especially given we can't seen any internal pictures)

I've spoken to the selling agent to see if the owner had a price in mind to sell them as a portfolio but they preferred not to reveal a figure...so if we worked 4 x £475 and 2 x £495 on and paying 10% less than the combined asking prices the portfolio will return 8.8% Gross Yield 

Of course this doesn't factor in the need for any improvement budget and it's unknown whether the tenants are working or on benefits - the properties are the type that could attract either

Click the links below for details


Call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information or to discuss this opportunity further

Monday, 30 March 2015

'Ready to Let' 3 Bedroom Seaham Terrace (+6.5% Gross Yield)

This 3 bedroom mid-terrace is in the popular Eastlea area of Seaham and given the location and the condition of the property will attract good tenant interest from working families

I've based the figures on achieving a conservative £450pcm and the asking price of £83,000 - this generates a Gross Yield of 6.5% but it may be possible to get a higher rent (up to £495pcm at most) which would return 7.1%

Click here for details https://www.onthemarket.com/details/1294981/ 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Friday, 27 March 2015

Two Bedroom Bonners Raff Apartment (7.5% Gross Yield)

The Bonners Raff development on the north side of the River Wear is popular with young professionals and students (it's a stones throw away from St Peters Campus) as well as older tenants looking to downsize

The development is a mixture of studios, 1 bedroom apartments, 2 bedroom apartments (single floor & duplex) and 3 bedroom triplex apartments and like other similar developments built prior to the Financial Crisis, you can pick them up now for much less than was originally paid

A 2 bedroom, single floor apartment such as this will have originally cost between £150,000 - £200,000  when the development was new in 2004 so the £94,950 asking price represents quite a saving (and suggests that whilst it may take some time, there is room for capital growth)

Based on the above and a conservative £595pcm rent (2 bedroom duplex apartments can achieve £650 - £695 so I've been deliberately cautious) it will return 7.5% Gross Yield...of course you'll need to factor in service charges, it being a leasehold apartment

Click here for details https://www.onthemarket.com/details/1155353/

Call us on 0191 567 8577 or email neil.whitfield@belvoirletttings.com for more information 

Thursday, 26 March 2015

Two Bedroom First Floor Flat Near St Peters Campus & Metro (8.7% Gross Yield)

This 2 bedroom first floor flat could appeal to both working tenants or students (given the location close to St Peters campus)

It looks 'Ready to Let' and should get good interest

Priced at OIRO £61,950 it will deliver 8.7% Gross Yield based on a realistic and achievable £450pcm rent

Click here for details https://www.onthemarket.com/details/965409/ 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Wednesday, 25 March 2015

Should You Use Your Pension to Fund a Buy to Let Purchase from 6th April 2015?

In last years Budget, George Osborne announced pension reforms that come into effect this April, which will give people with pensions unprecedented access to their pension pot and the freedom to look for alternatives. Many people connected with property investment are getting very excited about this!

In a nutshell, after the 6th of April, anyone aged over 55 will be allowed to withdraw all or part of their pension pot and spend it as they wish. Until now, you were only allowed to take out a quarter of it at most and were forced to buy an annuity with the rest

Giving people the freedom (and trust) to choose what to do with their money sounds great (and no doubt Ferrari dealers across the land will be rejoicing!) but aside from the fear that many people will blow the lot on a Supercar leaving a massive problem for some future Government to sort out, is it as good as it sounds from a personal retirement planning perspective?

First the Bad News - there are some hefty tax implications by taking money from your pension pot

As before, the first 25% can still be withdrawn from the pension pot tax free but, here is the sting in the tail, if you take more than a quarter of your pot anything above that initial 25% level will be taxed as income

So if you took the whole lot out, the first 25% will be tax free but the remaining 75% will be taxed at your income tax rate of 20%, 40% or even 45%

..and now the Good News!

Under the old scheme, if you bought an annuity, when you died your annuity normally died as well. You would have no asset to pass on to your family

With property, not only would you have an asset to pass on but it's highly likely that the asset would have increased in value 

The returns from pensions are pretty awful at the moment

The best rates according to Hargreaves and Lansdown state if you were 55 years old, the best rate you would get on your annuity pension would be 4.4% fixed for life or 2.2% but the payment would go up with inflation.  The sort of Buy to Let yields being achieved by well informed Landlords in Sunderland are in the order of 6% to 8%

According to the Office of National Statistics, the life expectancy of a 65 year old male in the Northeast is 17.8 years

Whilst there's no way of telling what's going to happen to property values in the future, instead if we roll the clock back 17 years 8 months to July 1997, property values in Sunderland have risen by 147% from an average £48,936 to £120,886 in December 2014 - would a pension achieve that sort of growth?

So what do you do next? If you think it may be something to consider you really must take independent financial advice from a qualified specialist before doing anything else 

I can put you in touch with Wealth Management experts who specialise in looking after the needs of Landlords if you need this independent advice - just drop me an email or give me a call 

If having taken that advice you do wish to release equity from your pension to fund a Buy to Let purchase you first need to think of the strategy you're going to take 

Do you look to achieve relatively small rental returns (low yields) in an up market area which has decent capital growth or alternatively buy properties in not so good areas known to produce a high returns (high yields) but low capital growth 

Or if funds allow perhaps spread the risk with one property likely to give good capital growth and another to return decent yields?

It's at this stage that I'd be delighted to share my knowledge of the Sunderland property market to ensure that any decisions were taken were informed decisions, giving insight into the areas and property types that are likely to make good long term investments...and those that won't!

Feel free to call into our Frederick Street office, give me a call on 0191 567 8577 or email neil.whitfield@belvoirlettings.com if you want to chat about this or any aspect of property investment in Sunderland

"Needs Work" Ford Estate 3 Bedroom Semi (+7% Gross Yield)

This 3 spacious bedroom ex-council semi is currently being advertised for sale at OIRO £82,000 (I doubt they'll get that) or To Let at £500pcm (I doubt they'll get that either!) but spend a little to improve it and it will make a cracking investment, a one that based on our experience of renting in the area is likely to attract long term tenants

You'd need to budget on at least £10k for improvements (redecoration, flooring, the bathroom is dated and worryingly there's no shot of the kitchen)

Assuming a total investment (purchase price plus improvements) of £90,000 it will return 7.3% Gross Yield based on £550pcm rent

Click here for details https://www.onthemarket.com/details/1208875/ 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Tuesday, 24 March 2015

'Ready to Let' 3 Bedroom Hylton Castle Semi (7.4% Gross Yield)

This 3 bedroom, 2 reception room semi in the popular Hylton Castle area will attract good interest from working families (it's very close to Nissan) and it's in a good condition that means it's 'Ready to Let'

If I was being picky the bathroom could do with being updated but it's perfectly useable in the short term and the kitchen and all other rooms are all in a good condition

Based on paying the £80,000 asking price and £495pcm rent it will return 7.4% Gross Yield

Click here for details http://www.zoopla.co.uk/for-sale/details/36205050 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information 

Monday, 23 March 2015

Recently Renovated 3 Bedroom Seaham Semi - Reduced by £5k (7.9% Gross Yield)

This was a traditional 3 bedroom ex-council semi but a developer has taken this and it's 2 neighbouring properties and renovated them to a good modern standard both internally & externally

 Given the location and condition they'll get good interest from family tenants

It's been reduced from £79,950 to £74,950 and based on paying this and achieving £495pcm rent you'll get 7.9% Gross Yield

Click here for details https://www.onthemarket.com/details/725729

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Friday, 20 March 2015

A Pair of Riverview 2 Bedroom Apartments (8.5% and 9.5% Gross Yield Respectively)

I make no secret of the fact that I like the Riverview, Low Street development more than most Sunderland apartment blocks, mainly due to the fact in the that in the 6 years that we've managed properties here they have always been very easy to let to decent tenants

Now 2 apartments have come onto the market, both for under £70k - one is on for £62,500 (a steal when you consider it was bought new in 2005 for an eye-watering £170,000) and the other 'Offers Over' £69,950

Assuming £495pcm rent you'll be looking at 9.5% and 8.5% Gross Yield respectively

Being leasehold you'll need to factor in service charges

They're on with different agents suggesting they have different owners (so you couldn't do a deal for taking both)

Click here for details https://www.onthemarket.com/details/353939 and http://www.zoopla.co.uk/for-sale/details/36241725

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information or to chat about any aspect of the Sunderland property market

Thursday, 19 March 2015

Not A Magnolia Wall in Sight! Quirky 2 Bedroom Pallion Cottage (7.2% Gross Yield)

From the outside this looks like a run-of-the-mill Pallion cottage but step inside and the owners really have put a lot of thought (and a not inconsiderable refurbishment budget) into this to make it quite a charming & quirky home 

I accept that this does fly in the face of sound lettings logic - it normally makes sense to be as plain and neutral as possible but then something like this pops up and it could be a notable exception that will attract tenant interest as it offers something very different, with a stunning kitchen and bathroom

Looking at the property history, it was only bought in November 2014 for £30,000 so it looks to have been turned round very quickly by a savvy developer with a view to making it stand out from the crowd & making a quick profit

It's on at £75,000 and you could get £450pcm (the upper end of the price range for Pallion 2 bed cottages) which would return 7.2% Gross Yield

Click here for details http://www.zoopla.co.uk/for-sale/details/36194410

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Wednesday, 18 March 2015

Reduced by £5k! 'Ready to Let' 2 Bedroom Moorside Flat (7.2% Gross Yield)

I first spotted this 2 bedroom, first floor Moorside flat in November when it was listed at £80,000 - at that price it was worth a look, promising 6.75% Gross Yield based on £450pcm rent

It's now been reduced to OIRO £75,000 making it an even better investment, now promising 7.2% Gross Yield

It looks to have been recently refurbished to a good modern standard, so it will be popular with a range of tenants, given it's location close to Doxford International

It's worth considering that in my opinion the achievable rent is limited to £450pcm as it appears to just have the original electric heating

Investors planning for the long term would be advised to consider installing Gas Central Heating - we know from experience of managing several similar properties in the area that this will significantly increase interest and also the achievable rent, so may well be worth the additional expense

Given the good condition of the flat, with GCH it's likely that it could achieve £475 or even £495pcm

Click here for details http://www.zoopla.co.uk/for-sale/details/35146571

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

The Average Time On The Market in Sunderland is 3 x Longer in 2015 Than in 2007

When assessing the relative health of a property market, house prices tend to get a lot of attention but of equal value (and sometimes of greater importance to the seller) is how quickly the property is likely to sell

Back in January 2007 the average time a property remained on the market in Sunderland was 113 days whereas now in March 2015 that figure is 363 days - more than three times as long!

There are variations when you look at the property type - Detached houses showing the smallest relative increase from 148 days on the market in 2007 to 394 days in 2015 (a +166% change) compared to Flats showing the greatest increase from 122 days on the market in 2007 to 441 days (a +261% change)

That said, Time on the Market and the actual Time to Sell are two different things - vastly overpriced or unattractive properties that are never going to sell will skew the Time on the Market data in a way that does not affect Time to Sell data...which records the time between a property being first advertised For Sale and the sale completing

Looking at the Time to Sell in Sunderland in March 2015, the average Time to Sell is 157 days

Breaking this down further to look at price bands, properties valued at under £100k have an average Time to Sell of 164 days, which is more or less identical to the £100,000 - £200,000 price band (162 days). Interestingly when you look at properties in the £200,000 - £300,000 and 300,000 - £400,000 price bands, the Time to Sell comes down to 114 days and 102 days respectively, rising again when you get above £400,000 

Somewhat unsurprisingly when looking at property types the shortest average Time to Sell is for the popular and numerous Semi-detached (147 days) compared to 187 days for the longest average Time to Sell for Flats

Given the scarcity in Sunderland I would have expected 3 bedroom or 4 bedroom properties to have the shortest average Time to Sell but this is not the case, 2 bedroom properties sell quickest with an average Time to Sell of 134 days compared to 170 days and 160 days respectively for 3 & 4 bedroom properties

It's also interesting to note that despite a lack of significant new home building during the period, there are many more homes on the market to sell in Sunderland in 2015 than there were in January 2007, an increase of 537 homes from 1,319 being advertised to sell in 2007 to 1,856 this month, with increases across the board across all property types

This increase in competition may partly explain why properties can remain on the market for much longer in 2015 than in 2007...

For a free, impartial chat about any aspect of the Sunderland property market give me a call on 0191 567 8577 or pop into our 11 Frederick Street office

"Needs Work" Bargain close to Sunderland Hospital - Potential for Family Let or Professional House Share (11.5% Gross Yield)

Last week I highlighted a property on Chatsworth Street (SR4) near to the Sunderland Royal Hospital that could work as a family let or potentially a more lucrative Professional House Share. Now a similar sized property has come onto the market that needs a lot more work but because of the bargain price could make an even better investment

Once again it's a 3 bedroom, 2 reception room terraced property. It's on the market for OIRO £85,000 and realistically would need a new bathroom, kitchen, full redecoration and new flooring throughout...you might also want to look at the roof whilst you were at it...

Once the work was complete you could rent it unfurnished to a family and expect to get £595pcm (we manage a number of similar properties in the surrounding streets so know this is very realistic)

Alternatively, if furnished to a high standard it could be rented to 3 professionals on a 'bills included' individual room basis (using 1 of the downstairs reception rooms as a double bedroom). As with the previous property I've deliberately excluded the bills from my calculations but working on £400pcm for each of the 3 double bedrooms (I'd leave the single/box room as a spare/storage room as it would always be hard to rent to the 'right sort' of tenant) that brings in £1,200pcm when the property is fully occupied

I make the point about the return when fully occupied, as this sort of let is by it's very nature more liable to having a regular churn of tenants and therefore you should factor in having one or more rooms empty a couple of months of the year

The one advantage of last week's property was it already had a downstairs shower in addition to the family bathroom - this property doesn't have this so if you were considering a Professional House Share you would be wise to budget for this important improvement 

The calculations are again very 'back of fag packet' but based on the above £1,200pcm and a total investment of £125,000 (£85,000 plus £40k for renovation, furniture etc) it would return 11.5% Gross Yield

Click here for details https://www.onthemarket.com/details/615203/

Call me on 0191 567 877 or email neil.whitfield@belvoirlettings.com for more information on this property or to discuss Professional House Share market in Sunderland

Tuesday, 17 March 2015

Bargain Hunting in Sunderland (Part 2)

Following on from the recent "Bargain Hunting" post I've just spotted this 4 bedroom property in Hastings Street which provides further evidence of what can be done if you can buy well in Sunderland and are prepared to invest further funds to refurbish a property to a good, lettable standard

This property was bought in April 2013 for £22,000 - unfortunately I can't find any 'before' pictures to compare with the 'after' pictures below but I'm sure you can work out for yourselves the likely condition given the price paid!

The buyer will have spent a decent amount to improve the property and as you'll see below is now 'Ready to Let' 

Based on a total investment of £52,000 (which is based on the £22,000 paid plus an estimated £30k for renovations) the current buyer will be looking to get back much more than the 2.73% average increase in Hastings Street properties over a similar 2 year timeframe

The property is being advertised at OIRO £69,950 and even if it was sold for £65,000 that would deliver a £13,000 return on the investment in 2 years (representing a 25% increase on the total amount spent)

But the story doesn't end there...someone buying it now at £65,000 will now be able to achieve 9.1% Gross Yield, based on an achievable £495pcm rent

Previously letting properties in the Hendon area would have come with added cost & complexity as a result of the Selective Licensing Scheme applied to the area but the scheme is not being renewed at the end of the initial 5 year period which runs out at the end of June this year

Click here for details http://www.zoopla.co.uk/for-sale/details/36213128 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com if you'd like more information  

Monday, 16 March 2015

Immaculate 2 Bedroom Flat in Farringdon (9.1% Gross Yield)

This 2 bedroom 2nd Floor Flat is in a small purpose built block in Farringdon - we know it's a popular development as we've just moved a tenant in there last week!

The condition of this flat looks to be pretty much perfect so no further spend is required and it will start getting immediate interest from a range of tenants

The tenant we just moved in paid £400pcm for a first floor flat that is nice but perhaps not as fresh and modern looking as this one, so it may be possible to achieve a little more than the 9.1% Gross Yield (but I've erred on the side of caution and used £400pcm and the OIRO £52,500 price)

Click here for details https://www.onthemarket.com/details/1179434/

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Friday, 13 March 2015

Four Bedroom Parkside Terrace (7.7% Gross Yield)

This 4 bedroom extended terrace in the Parkside area of Seaham has 4 spacious bedrooms, a decent kitchen and a modern shower room so once the personal & quirky decoration is calmed down a bit, it will appeal to family tenants

Generally the decoration downstairs looks to be neutral and contemporary, it's when you get upstairs that it gets a bit odd - I personally couldn't sleep with the Terracotta Army behind my pillow but each to their own - click below for details!

Anyway...based on the reduced £76,950 asking price and £495pcm rent it will return 7.7% Gross Yield and furthermore being 4 bedroom you should have no trouble attracting tenants and they should hopefully not outgrow the property too quickly


Call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more details

Thursday, 12 March 2015

Bargain Hunting in Sunderland

Whilst Sunderland is primarily known as a place to get decent Yields, there are certainly opportunities for impressive Capital Growth if you know how to spot a bargain and are prepared to put the work in...

Take this pretty unremarkable two bedroom terrace in Hartington Street, Roker (SR6). It was bought in November 2012 for £60,000 and in fairness it did need renovation throughout 

Fast forward to October 2014 and it sold last year for £105,000 - an impressive 75% increase in a little under 2 years!

It's even more impressive when you consider average prices in Hartington Street have only increased 4.76% over the same time frame!

Whilst it certainly will have required a decent renovation budget it won't have cost anywhere near the £45,000 increase in 23 months, I'd suggest it can't have cost more than £25,000 all-in, meaning that the owner will have made £17,000 more in 2 years than if the property value had just increased in line with the market!

In this case the owner decided to sell and cash in but had they rented it out instead, based on a very achievable £495pcm and our estimated total investment of £85k (£60k purchase price + £25k for renovations) it would have returned a healthy 7.0% Gross Yield

Whether you're an existing landlord or thinking about investing in the Sunderland property market, give us a call on 0191 567 8577 or feel free to pop into our office in Frederick Street for a chat

Wednesday, 11 March 2015

Bargain Alert! 2 Bedroom Marina Apartment (6.2% Gross Yield but Great Capital Growth Potential)

This 2 bedroom ground floor apartment is on the sought after North Haven development by Sunderland Marina and as such will be attractive to a wide range of tenants

What's more, it looks to be a bit of a steal at £94,950 so is likely to have great capital growth potential

Being on the ground floor it will appeal to those who favour 'stair free living' - I love this Estate Agent term but joking aside it does mean it is ideal for older downsizers as well as young professionals

The Gross Yield is OK but not spectacular at 6.2% (based on the £94,950 asking price and £495pcm rent) and of course it's leasehold so there's service charges to pay...but what caught my attention was the long term potential for this property given the asking price

These apartments were built in 1999 and bought new would cost around £73,000 - not many have been sold since then (they tended to attract owner-occupiers at the time and still do) but looking at the most recent comparable sale (which dates back to 2010) a similar 2 bedroom property achieved £122,000 and the highest paid was £155,000 in 2009

Click here for details https://www.onthemarket.com/details/912826/

For more information call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com

Tuesday, 10 March 2015

"Ready to Let" One Bedroom First Floor Flat (8.4% Gross Yield)

This one bedroom first floor flat looks to be in a good condition that could immediately attract tenants and is in a popular location that we know well, managing a number of similar properties here

Based on current market conditions I'd suggest basing calculations on £350pcm rent (but we have achieved £395 in recent years for similar properties) which would give 8.4% Gross Yield if you paid the £49,950 asking price

Click here for details http://www.zoopla.co.uk/for-sale/details/36179988

For more information call 0191 567 8577 or email neil.whitfield@belvoirlettings.com

Monday, 9 March 2015

Professional Sharer HMO Opportunity Close to Sunderland Royal Hospital (10.3% Gross Yield)

I was speaking to an investor last week who was exploring the potential of offering very high standard shared accommodation to professionals in Sunderland. I advised that this wasn't a well established market in Sunderland but I knew that it worked well elsewhere...and the trick would be to get the right property in the right area...

This property in Chatsworth Street (SR4) has just come onto the market and it could be the type of property that could work for this sort of let, being very close to Sunderland Royal Hospital

It's a 3 bedroom, 2 reception room property with a family bathroom plus downstairs shower - this means it has the potential for 3 sharers each to have a good size double room (using the rear downstairs reception room as a bedroom) and crucially it has the bathroom plus shower 

Click here for details http://www.zoopla.co.uk/for-sale/details/36168104

The condition of the property is such that if being let to a family it would be just about OK - in need of a bit of titivation and a lick of paint but certainly not an expensive task and then it would bring in £550 - £595pcm

Letting to the professional sharer market would require investment to bring it to a much higher standard - you are looking to appeal to a discerning and successful 20 or 30-something who would rather spend £400 per month on a room in a great shared house than £400 on a poky 1 bedroom flat

On top of that you'd need to furnish it to a good standard - no off the shelf generic 'Landlord Pack' furniture packages here and then you'd need to provide all the bells and whistles in terms of generous broadband package, Sky, weekly cleaner etc

The figures are very ballpark and unscientific but bear with me on this - if you worked on 3 tenants paying the £400 per month as above that would bring in £1200pcm - with this sort of let you'd need to do it 'Bills Included' but let's not complicate the figures with that - the aim of Bills Included is to bring it in at cost (with capped liability from a fair usage clause) so that shouldn't affect returns if done correctly

Whilst the decoration, kitchen and bathroom are OK-ish the aren't to the standard this type of let would require, then you need to furnish it to a very good standard throughout so I would add a further £30k on top of the £109, 950 asking price, bringing it in at £139,950

Based on £1200pcm rent (not including bills) it will return 10.3% Gross Yield - it may be that this could be turned round for less or the rent could be stretched up a little, both leading to much greater Yields, but as always I've tried to work on a worst case scenario

Clearly this is not going to be the type of investment for everyone but I do know that it works very well in other areas and having dipped our toe into this market in Sunderland I also know that it has great potential for pioneering investors

For more information about this property or to have a chat about letting to the Professional Sharer market in Sunderland give me a call on 0191 567 8577 or email neil.whitfield@belvoirlettings.com

Friday, 6 March 2015

"Ready to Let" Two Bedroom Cottage on Quiet Pedestrian Street (6.8% Gross Yield)

This 2 bedroom double fronted cottage is in good internal condition so could make an ideal 'Ready to Let' investment

It's priced at £78,950 and based on £450pcm rent will return 6.8% Gross Yield

Click here for details https://www.onthemarket.com/details/1209454/ 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Thursday, 5 March 2015

Overpriced 'Full Refurb' 3 Bedroom Semi in Thorney Close (7.4% Gross Yield)

The Estate Agent selling this is looking for £75,000 and at that price it really doesn't make sense as an investment, given the additional spend required to refurbish it throughout and given better nearby properties have recently sold for less...but if you could negotiate a reasonable discount then it could be worth a look...

The three most recent sales on this street (all in 2014) were for £65,000, £75,000 and £80,000 and all were in better condition than this one - I'd say you should aim for £65,000 and budget on a further £10 - £15k for improvements to bring it to a lettable standard

Based on a total investment of £80k and £495pcm rent it will return 7.4% Gross Yield and you'll have added some capital growth from the off

Click here for details https://www.onthemarket.com/details/1212417/

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more details