This 1 bed flat is situated at Tudor House, Bridge Street, Walsall, WS1. On the market with House Network (01245 409116) and priced at £50k, the full details can be found here.
My readers and clients will know that I do not generally highlight flats, apartments and the like, however, I just couldn’t pass this one up as it has just become available and generates impressive yields.
In contrast to the neighbouring cities (Birmingham & Wolverhampton), you would not only net a bargain with this flat at a relatively decent price but at a gross yield of 8.64% at a rental of £360.00 pcm, the buy to let landlord can hope to achieve a healthy gain. Set right in the heart of Walsall town centre makes this an ideal location for retail and transport access. Unfortunately, there is no parking.
The spec is pretty decent. However, there is no central heating and there is no gas supply, so any heating system installed would have to be all electric. The good news is that an all-electric, cost effective and efficient system could be installed for as little as £1200.00.
Before buying I would enquire about the service charges and the terms of the lease needs to be scrutinised by a qualified professional. I’ve seen many developments over the years which have deteriorated quickly due to the set-up of service charges either being inadequate or the appointed managing agents being completely incompetent. Leases can be a minefield and one has to be fully conversant of the consequences if they are not fully understood from the start. Net yields can be just as quickly decimated if you are not careful with inappropriate costs of Section 20 (major works) due to a lack of foresight by property managers not to mention inexcusable mismanagement of the service charge.
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