Finally I have stumble across what id class as a nice little bargain for all you Nuneaton Buy to Let investors. After quite a few ‘dry’ weeks in the Nuneaton investment market, with properties either being substantially overpriced(in my opinion) or not having any to even consider buying, this little gem has come onto the market.
Its a 3 bedroom ‘terrace’ property on Mallard avenue in the Camp Hill area of Nuneaton. It is being marketed at £75,000 by pointons and from the pictures it looks as if there is a new/modern fitted kitchen, wooden flooring and large gardens to front and rear. Granted, the upstairs looks slightly more dated, but nothing a lick of Magnolia paint and a new cheap and cheerful bathroom wouldn’t fix. Again, I don’t know as i’ve not been inside the property as to what other works would need to be done, but if you have a budget of £5000 to modernise it fully, i’m pretty sure you’ll have some change left over. The only downside being…The property is subject to a 48 year lease and therefore is not mortgageable, so they are looking for cash buyers only!
The location of the house is ideal for schools in that area, and despite being in Camp Hill ( with the reputation it has ) is a highly sort after area for families, and you would have no problem tenanting it ASAP. All in all, paying £80,000 for the property and the work, then being able to achieve rents of minimum £595 a month, you would be looking at a yield of 8.92%!! …if that doesn’t take the bitter taste of camp hill out of your mouth….nothing will!
Pop in and speak to us if this or an other property you may have found is of interest to you, and we will give you our honest opinion and thoughts on it.