Why buy this? Semilong, Freehold House, 5% return

With landlords increasingly holding onto property at the moment, houses like this which used to be freely available are increasingly rare. This 2 bed house in Cambridge Street, NN2 will be coming on soon - it's tenanted at £650 which will raise soon to £675 - and from what I understand £155k buys it although it's likely to be advertised higher.

What's Semilong like?
It's a staple rental area - rows of Victorian terraced houses just like this one - close to town and very popular with tenants. We manage probably 30 houses there and none sit empty. Rents are generally £650 to £700 in the current market.
What's the history of this property?
We've had it rented for a decade with various tenants in there - it's never been empty. It's a little tired in places but has never caused any major issues - it's not one of these that has ongoing problems with moisture / damp etc.
Why would I buy this?
If you want a freehold property and you don't want to buy in an ex-Local Authority area, this is where the market starts. You'll struggle to find anything less expensive than this in Northampton without compromising on area. The headline return of 5% is also pretty decent for a single property at the moment - many landlords are buying flats that offer less once service charges are factored in. It comes with tenant in situ so you'll have income from day 1.

Any queries - richard.baker@belvoir.co.uk