This is a 1 bed flat on the outskirts of Northampton. What it lacks in looks, it makes up in terms of yield!It will rent at £400PCM to a tenant in receipt of housing benefit.
Available to purchase at around £50k, it needs money spending on it. Let's assume you buy at £47.5k and spend £7.5k on the place - that's £55k in total, and an 8.7% yield.
My understanding is that this flat is mortgageable. As such whilst buying 'cash' will clearly help you tie up a deal, it's not 100% essential.
richard.baker@belvoirlettings.com for further information!
