Tuesday, 12 July 2016

"No Chain" Buy to Let or Possible Flip in South Hylton (6.6% Gross Yield)

This Three Bedroom Semi in the popular South Hylton area is offered with vacant possession and will need a full refurbishment throughout making it a potential contender for either a long term rental property or a 'Flip'

The yields for renting it out would be "OK but not spectacular", based on paying the £84,950 asking price then spending a further £15k on the refurb it should achieve around £550pcm giving a 6.6% Gross Yield

It may make more sense to refurb and look to sell on to a First Time Buyer or family - having done so you may be able to achieve £110,000 - £115,000 so to make sense as a Flip I'd suggest you may need to negotiate a decent discount off the £84,950 asking price (I'd suggest you should work on the total cost of investment for the purchase and refurb being around £90,000 in total)

It's on the market with Michael Hodgson estate agents so call them to arrange a viewing http://www.rightmove.co.uk/property-for-sale/property-53610754.html

Give me a call if you'd like to chat about the options for this property or any aspect of property investing in Sunderland

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