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

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