YOU COULD DO MUCH WORSE, £150,000 - tenanted 2 bed house

There's a fair number of 2 bed Victorian terraces advertised for sale currently with prices starting at around the £150,000 mark. When you dig further you generally find you're picking up something that's in need of work - if you want something that is genuinely 'ready to let' you need to spend £165,000 or more.
That's why this one, I think, is the exception. It's in Cambridge Street, Semilong and is yours for £150,000. The condition is good - the walls are smoothly plastered (the major bug-bear with Victorian Terraces), the kitchen and bathroom are modern, and the decor is neutral and clean. Even the garden is properly finished. What's more it comes with a tenant already in it - a reliable tenant paying £675PCM. We've actually managed this property for a decade and whilst there have been running repairs as there are with all properties, there have been no ongoing / repeat problems - it's solid.
So as the title says, you could do much worse! I saw an investor earlier this week who had just completed on 2x Victorian Terraces in the same area and was starting the process of upgrading them. Both were in worse condition than this one, and both had cost him more.

GOOD BUY : £135,000 all in - they are still out there!

At a networking event earlier this week I was being told by a potential investor that there were no good deals out there, and even an average 2 bed house costs £160,000 these days. Not quite true - it's certainly the case that there's a load of very average properties getting sold, or sitting around at this sort of money - but if you're quick off the mark there are also other good deals to be had.
One of my landlords bought this at the start of July - a 2 bed freehold house in a middling area. It was fairly grubby and needed upgrading in a number of areas - they paid £125,000 for it.
4 weeks and £10,000 later, it's been upgraded throughout and a tenant is moving in at £700PCM. The owner hasn't done a thing - we've sorted everything out for them. There are some pictures below of how it's changed. Their total cost is £135,000. Now remembering that even something average sells for £150,000, they are sitting on a well presented property that I could easily sell tomorrow for £155,000 - so they've made some money before the tenant has moved in.
And there have been similar properties advertised in recent weeks - other cheap 2 bed houses, all in poor condition but all of modern construction so easy to upgrade - very little potential for issues with damp, roof leaks etc. These will all rent seamlessly once brought up to standard and will be worth more than has been spent on them - mainly because most people will pay more for something that doesn't need any work. My view is that in the current market things like this represent the best buys available from a financial perspective - they are freehold, very rentable, and at the bottom end in terms of budget. Whilst I don't like the term 'Below Market Value' it's only with something like this that you can end up with a nice, ready-to-rent property, that's worth more than you've spent on it.