Possible Buy To Let Opportunity
Updated: Nov 11, 2018
I hope you all had a good week and haven’t been caught in the downpours we keep getting!
Whilst looking on Rightmove today this property caught my eye, twice! I thought perhaps the Estate Agent were just very keen on this property and listed it twice but that isn’t the case, it has been listed with two separate agents.
This property was first listed with Gibson Gammon in April 2017, this was later reduced in May 2017 and another agent was instructed to sell the property in June 2017, Beals.
The property is situated in Pyle Close which is just off Gladys Avenue. The property has 7 primary schools all located within 1 mile of the property, all with an ofsted report of good or above, making this a perfect property for a growing family.
Although this property is on the market for offers in excess of £225,000 I feel you would be able to secure it for near to this figure. Beals have a guide rental price of £950 per calendar month which I do feel is a bit top heavy. I would recommend a guide price of around £850-£900pcm, based on how the property currently presents. If the property was to be modernised with a new kitchen, new carpet/flooring and a fresh coat of paint then aiming closer to £950 per calendar would be slightly more achievable.
Having worked out the yield based on a rental of £850 per calendar month and purchasing the property at £225,000, you can still achieve a yield of 4.5%.
Go and have a look!
If you have a property you are thinking of purchasing as a buy to let and have any questions please feel free to send me the link.