Tuesday, 17 November 2015

'Needs Work' Three / Two Bedroom Millfield Cottage (7.9% Gross Yield)

This Millfield cottage is being advertised as having 3 bedrooms but on closer investigation the 3rd bedroom in the first floor loft conversion is accessed through the 2nd, which is less than ideal...

It needs work anyway so my advice would probably be to knock through and have a decent 2 bedroom property rather than a 3 bedroom property with obvious shortcomings

It needs looking at for damp, redecoration and a new bathroom for starters - you may choose to update the kitchen whilst you were at it

Based on the above and achieving £495pcm once the work had been done to a good standard it would deliver 7.9% Gross Yield based on paying the £55,000 asking price with a generous £20k budget for renovations

It's being sold by Peter Heron so click here for details https://www.onthemarket.com/details/1607494  and get in touch with them for more info or to arrange a viewing

Call me on 0191 567 8577 if you'd like to discuss this further or to chat about any aspect of the Sunderland property market

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