NOW SOLD. CANNY INVESTOR - £85k purchase.

• This is a repossessed property - not yet marketed, but about to hit the market at £89,995.
• Needs work, decent area, good bet for a long term rental. Fairly low risk.
• I'd buy this myself - can't say fairer than that! I'm not buying because I have other property transactions going on currently!
• 2 Bed House, FREEHOLD, Watermeadow Drive, NN3.
• Try to purchase for £85k quickly before it gets 'bid up'.
• Spend of £12k probably required. You may get away with less if you want to cut corners, but if it were me I'd just do the lot and be reassured that I won't have to spend anything else apart from minor repairs for the next decade.
• Property would sell in the current market for at least £105k - I'm happy that this is a realistic valuation - once all works done. 
• Hence you may be able to buy for £85k and re-mortgage at £105 in 6m - speak to your mortgage advisor.
• Will rent for £550PCM, so with an all in price of £97k, gives just short of 7% yield - about the best you'll get for a relatively low risk property.