Friday, 7 August 2015

'Needs Work' Three Bedroom First Floor Flat in Roker (7.0% Gross Yield)

Given the blog post last month suggesting properties in SR6 should have strong tenant demand, this 3 bedroom first floor flat looks worthy of investigation

It's being auctioned with a starting price of £58,000 and a £6,000 buyers premium

It does need full renovation throughout but given the most recent sale for a comparable 3 bedroom flat in this street was in December 2014 for £72,000 (and from memory this was another one that needed work) 

Recently 2 bedroom flats (in better condition) have been bought in this street for £75,000 and £80,000 there is scope for picking this up at a price that makes it a worthwhile investment

Ultimately whether it makes financial sense will depend on the interest in the room on the night of the auction

Let's assume you can pick it up for £75,000 (inc Buyers Premium) and spend £10,000 on it, there may be scope to make 7.0% Gross Yield based on £495pcm rent

Click here for details https://www.onthemarket.com/details/1274905 

Call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com to discuss this or any aspect of property investment in Sunderland

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