Another good buy for someone that's quick! This is a 3 bedroom Victorian terrace in Far Cotton - that's the area adjacent to where the new university is moving. It needs a bit of money spending - about £3,000 - and I understand it can be bought for between £127,500 and £130,000. It would be worth £140,000 TODAY if the presentation was better.
The house is currently tenanted and the presentation isn't that good. As such if that sort of thing puts you off, don't bother viewing! But there doesn't seem to be anything actually WRONG with this house, so once the tenant has gone and some decoration and recarpeting has taken place, it will be fine - we could turn this property round in 2-3 weeks.
STANDARD DOMESTIC OPTION
Once done it will rent privately (whole house) for £675PCM minimum - that's a 6.2% return. Good tenant quality in that area - we have lots rented there already.
STUDENT OPTION
If you like HMO properties, there's an option to turn this into 4 lettable rooms - no planning restrictions here. That should generate a return of 10.5%+.
The house is currently tenanted and the presentation isn't that good. As such if that sort of thing puts you off, don't bother viewing! But there doesn't seem to be anything actually WRONG with this house, so once the tenant has gone and some decoration and recarpeting has taken place, it will be fine - we could turn this property round in 2-3 weeks.
STANDARD DOMESTIC OPTION
Once done it will rent privately (whole house) for £675PCM minimum - that's a 6.2% return. Good tenant quality in that area - we have lots rented there already.
Purchase Price
|
£130,000
|
Headline Return
|
6%+
|
Rent
|
£675.00
|
Updrade Cost
|
£3000
|
STUDENT OPTION
If you like HMO properties, there's an option to turn this into 4 lettable rooms - no planning restrictions here. That should generate a return of 10.5%+.
Purchase Price
|
£130,000
|
Headline Return
|
10.5%+
|
Rent
|
£1200.00
|
Updrade Cost
|
£6000
|
Again please get in touch quickly - if you're not around today / tomorrow there's probably not much point. richard.baker@belvoir.co.uk
