SOLD : COMING SOON : Tenant in Situ at about £100k

I'm expecting the following property to come up for sale in the next couple of days. 

2 Bed House, Cambria Crescent, Abington East

We've managed it for a number of years - it comes with a long standing private tenant who pays £525PCM and is showing no sign of leaving. 

The property would benefit from some upgrading. Not immediately, but we suspect that over the next few years, or at the next change of tenancy, about £5k should be spent. The current owner doesn't have funds, and favours a sale instead. 

In the current market the property would sell for about £110k if the works were done. I suspect an offer in the region of £100k would entice the owner, so the purchaser would effectively be picking the property up for £5k below the market rate. In the current market that's not a bad bet. 

This isn't a bijou residence so if you're the type of investor who only wants something that looks pretty, this isn't one for you. However it's a perfectly sensible investment - the sort of thing I'd buy - so it will work well for someone.

Enquiries via ourselves on this property please. It will be formally advertised soon, so please get in touch if you're keen to view prior to advertising.

LEGAL UPDATE : False Eviction

I came across this recently which, although 12 months old, is highly relevant. 

We do occasionally come across a landlord who 'deals with evictions himself'. This is what can happen when you don't follow the legal process, painfully slow though that legal process can be.

http://www.newsrt.co.uk/news/sheffield-landlord-locked-up-after-throwing-tenant-on-street-831938.html 

REFURBISHMENT OPPORTUNITY, £85k

I was passed this today by an agent who feels a quick sale nearer £80k than £85k may (and I emphasise may) be achievable. That may not sound fantastic, but there's a bit of money in this for someone, which is unusual in the current market. It needs full refurbishment but is easily worth £100k at todays prices once done, and very probably a few thousand more. As such it represents a good buy. 

There's not enough money in this to refurbish it and sell it, but you could buy it, refurb it, rent it, and end up with a property that's in tip top condition and slightly under market value.

A 3 bed in Bellinge, it will rent for £595 once done to a tenant in receipt of benefits. There will be good demand. Email richard.baker@belvoirnorthampton.co.uk for details.