With house prices seeming to increase on a daily basis I am always interested when agents reduce the marketing price. Astons have been marketing this property in Chiltern Close, West Green for months and have dropped the price on two occasions to its current level of £225,000.
It has been a rental property for many years and has suffered from a lack of investment but even so, if purchased and rented in its current condition with no improvement works it would achieve £975 per month – a yield of 5.2%.
West Green is a highly sought after area close to the Town Centre and based on the similar properties I have let in the surrounding streets it would only take a new kitchen & a new bathroom and maybe a couple of new carpets upstairs to increase that rental price nearer to £1100 per month.
I would budget a £6000 spend on new rooms to bring the property to a top rental standard. What would interest the investor is that the total spend on the property is still much less than the £240,000 it was originally marketed for but the yield would increase to 5.7%
|St Peters Church, West Green|