It's currently a struggle to buy a decent 2 bed house for under £200k, so this one could be worth another look, and with tenants in place you at least have an income while you decide what to do with it......
Located on the doorstep of a private school, and on a small development of modern houses just a mile north of the city centre, this house offers quite a lot for it's relatively small purchase price. If it was remarketed now, I would suggest a paint throughout to neutralise some of the colours, weed and sweep the front and rear garden, and generally just tidy up any rough edges here and there. Typically today, this would rent for around £850 PCM which is a very decent 5.7% yield, as it has an adjacent garage and still 2 off road parking places which are very important considerations these days.
You would need to enquire as to the length of the existing tenancy and the current rent being paid, but this house will not really appeal to private buyers as they would be seeking vacant possession and it appears the current landlord does not want to provide that - as an investor, this sort of purchase makes a lot of sense, as your income starts the minute you complete therefore bringing your void (empty) period down to zero. We let one in this street earlier in the year and it did not take long at all, with it being centrally located and very accessible for city centre workers as well as commuters who can easily reach the A5 from here.
If you are one of the hundreds of investors reading this blog daily, why not take the next step and give us a call to see how we could assist you in your search for potential investment properties - or to ask about our thoughts on your own choices - call us now on 01908 562582 to see how we can help, or send us an email.
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