Don’t judge the photo, I’ve copied it from the internet! Bear with me on this one, whilst it’s no oil painting at the moment, it has potential. There’s not many properties coming on the market at the moment in need of work, so it’s always good to try and snap up the ones that do, as you can normally get them at a real good price.
This house, appears to only need cosmetic stuff doing to it, the kitchen looks as though it’s fine with the units that are currently there and the bathroom is listed as having a white suite, so a good decorate and new flooring throughout, should sort it out relatively quickly.
I’ve seen some other houses, similar to this one in excellent condition selling in the region of £200,000 – £210,000. So even if you spend £10k on bringing it up to standard, you could generate some equity in it quite quickly as well.
These houses rent in the region of £900 pcm, so when we look at our sums, even with spending £10k on it, you are looking at an annual yield of 5.4%
If you would like any advise on what you should be doing to your house to get it to a lettable standard, pop in and see me in our office on Duke Street
