Monday, 22 August 2016

Full Refurb Three Bedroom End Terrace in Sought After High Barnes (6.5% Gross Yield)

This three bedroom end terrace on Colchester Terrace needs a full refurb including some damp proofing and re-pointing, but once complete it will be popular with a range of tenants

It's offered with vacant possession and the decor and the age of the kitchen and bathroom suggests this may be a probate property or one where the owner has been taken into care

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It's being advertised at OIRO £110,000 and realistically you should budget for £15,000 of improvements - negotiate a discount on the price and bring the total investment in at around £120,000 it will deliver 6.5% Gross Yield

Whilst the yield is not as high as you can achieve elsewhere in Sunderland, the location means you should never suffer voids and the condition of the property suggests you can add to the value of the property meaning you may be able to remortgage based on the uplifted value and recycle your deposit, leaving only a small amount of the initial investment in the deal

It's being advertised by Peter Heron so contact them for more information or to arrange a viewing https://www.onthemarket.com/details/3071574

Call me if you'd like to discuss this or any aspect of the Sunderland property market - call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com

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