Bargain property in Walsall, WS3 – Yields of 6.0% upwards

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This 3 bed mid terrace house is situated on Dartmouth Close, Bloxwich, Walsall, WS3.  On the market with our friends at Alexander James, Burntwood (01543 526002).  Priced at £110,000.  Full details can be found by following the link below:

http://www.zoopla.co.uk/for-sale/details/photos/37907657

So is this property really a bargain?  At a glance there doesn’t seem to be much about the property that jumps out at you but as I delved deeper into the details I found some interesting facts which, in my humble opinion (or IMHO lol), made me arrive at my conclusion.  Here are my thoughts on what I found very interesting….

 

Fist thing I noticed was the amount of time this property has been on the market!  First listed in August for the princely sum of £139,950.  The price has since been reduced several times to today’s value which is a 21.4% reduction in total.  I know what your’e thinking which was also my first thought…”was it incorrectly valued to begin with?”

Comparable properties in the area suggest that properties of this type are going for this sort of price at £110,000 but what you will be missing is what this property has to offer and it certainly has more.  I do feel the pictures and property particulars have not done the vendors any favours however, some information can be easily overlooked by the untrained eye.

I like the WS3 postcode as there is a huge amount of regeneration happening in the area which is great for landlords.  The changes are all very positive which I feel will bring in more people to the area.  The location is ideal for a family (near town centre, good schools, places of worship and as Scott from The Apprentice said…the local Chippy isn’t too bad either!!).  Add to the mix that factor of property prices, having increased by 7.2% in the past 12 months I think, capital growth should not be an issue going forward.

The key point is that this property has been extended adding valuable living space downstairs.  When you compare against similar properties in the area they are selling for the same price without this valuable improvement.  Given that the price has been reduced several times already I would say that the seller is highly motivated.  As an investor you would have built-in capital growth and easily achieve a rental yield of at least 6.0% in today’s market.

Given the above I believe this property is a bargain and deserves a close inspection.

If you wish to discuss this property further and have a detailed discussion about my opinions and thoughts of whether this is the right investment for you, please feel free to get in touch.  I am happy to share my opinion on any other property or properties you are thinking of purchasing.  Just send me the link.

Phone: 01922 311016

Email: salekm@ashmorelettings.co.uk

 

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