Wednesday, 29 April 2015

Bargain Moorside 2 Bedroom Flat (6.9% Gross Yield)

I suspect the price of this 2 Bedroom, First Floor Moorside Flat reflects the dated decor and kitchen as otherwise it has a lot going for it

Located on Morval Close it's a stones throw away from the Doxford International businesses so will be popular with tenants who work there

Unlike many Moorside flats this has the advantage of having gas central heating - this will increase it's popularity over those with electric storage heating and as a result will command a premium rent

Prior to letting I reckon you'd need to spend £5k - £10k on ripping out the dated fitted wardrobes, redecoration & new flooring throughout and most significantly replacing the kitchen but adding this onto the £75,000 asking price will bring it in line with recent nearby sales (decent condition 2 bedroom Moorside flats are selling for between £85,000 - £90,000)

Based on £495pcm rent it will return 6.9% Gross Yield

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