We've managed a flat in this building for many years and in our experience know it will be popular. On top of this, as a direct result of a blog post from last year, one of our existing Landlords bought a similar flat in a block round the corner, one of our trusted contractors renovated it and he now has a good tenant living there and is earning over 10% Gross Yield...
This one needs a bit more work so you might struggle to get 10% Gross Yield but I'd suggest you'll probably get 9% - based on spending £10k ontop of the £45,000 asking price
The bathroom needs updating and the kitchen needs attention - the unit doors need replacing and in doing so it might avoid the need for a new fitted kitchen - and on top of that I'd always budget for a lick of paint throughout and you'd be wise to get rid of the ugly gas fire in the lounge
Interestingly the lounge and kitchen walls have been knocked through leading to a much more open plan layout than most of these flats - this may polarize opinion but I quite like it
Based on £425* rent and a total investment of £55,000 it will return 9.25% Gross Yield
Click here for details www.onthemarket.com/details/1552028
Call me on 0191 567 8577 or email firstname.lastname@example.org for more information
* regular readers of this blog / people who I've spoken to about this will know I have a real issue with rents ending in '25' (call me if you want to know why...) but this is based on what we're getting for Cragside House round the corner