A two bedroom end terrace house, Station Street, Wednesbury, WS10. The asking price is in the region of £75000 with housesimple.com (01787 275 038).
Check it out here:
Just a brief hello today as I’m just about to go and meet with a landlord. However, here is my latest buy to let investment deal.
I haven’t seen one of these in a while, but extremely intriguing none the less. Here’s what’s on offer…
A two bedroom end terrace house complete with sitting tenant! That literally is “lock, stock and barrel…” I was only joking about the smoking tenants!
It’s being advertised via http://www.housesimple.com, which is a DIY property marketing website, so the good news is that you will probably be speaking directly with the owner and also have an opportunity to be introduced to the tenant.
There is a floorplan with room sizes and lots of photos. The owner does state that there is an issue with the flat roof above the kitchen, which they estimate at £1000 – £1500 to put right and is also reflected in the asking price!
The EPC rating is very high, however it does have the potential to make an excellent rating. You would need to look at the EPC of course in order to see what is required to bring the property up to spec.
The current tenant has been living here for some 10 years so there is a history of a long term tenancy and it would be reasonable to assume that they would be staying on with a new landlord.
The current rent is £450.00 pcm and if the property is sold at the asking price the yield is a very handsome 7.20%. However, there isn’t much flexibility in increasing that yield with the current tenant. They are claiming benefits and are already topping up the rent as they do not meet the full Local Housing Allowance criteria.
I would highly recommend speaking with the owner and tenant and of course viewing the property to be able to have all the information at hand to make an informed decision.
If you wish to discuss this property further and have a detailed discussion about my opinion 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