- 3 bed property in Far Cotton,
Northampton - This is a decent safe rental area and you will attract a private tenant.
- If you are concerned about buying in ex-Local Authority areas, and accepting DSS tenants to get high yields, this is the one for you, as you'll have to do neither!!!
- Freehold.
- Requires minimal upgrading - the fundamentals are already there.
- Advertised at £105k which is cheap for the area. You may pick it up for £100k, but I suspect it will sell for asking price, or maybe even slightly over, unless someone can 'close down' the agent quickly.
Suggested purchase price
|
£105,000
|
Estimated refurbishment spend
|
£7,000
|
Total spend
|
£112,000
|
Estimated monthly mortgage payment (2yr fixed)*
|
£280.00
|
Estimated monthly mortgage payment (5yr fixed)*
|
£420.00
|
Monthly rental figure**
|
£595.00
|
Annual yield
|
7.0%
|
*assumed borrowing 80% of purchase price on a buy-to-let basis. These are expensive mortgage rates, and you will get a much cheaper rate if you are able to 1) put down more equity or 2) accept a shorter or non fixed deal.
**rental figures are conservative.
EMAIL richard.baker@belvoirlettings.com if you are interested.
12 properties acquired for landlords in 2011
