I think I may have found my favourite potential buy to let star buy property ladies and gentlemen!
As I do every day, I go through rightmove and Zoopla hoping that there is that one property, that hidden gem, that could make one of you lovely buy to let investors some decent yield! And I do believe this property will do that and more!
It is currently a very internally run down property, so it’s a project to be started from scratch- which if you ask me is great! It’s a blank canvas!
It is on the market with Hawkins at £110,000. It is a 4 bedroom terraced house on the Coldwell estate, a stones throw away from George Eliot school. I in fact with one of our landlords not long ago to view an identical house on the same road, the only difference was that it didn’t need quite as much work doing to it. Needless to say, it got snapped up in a matter of days way below asking price as I know the sellers wanted a quick sale!
This house is situated on an ex council estate, but the estate itself over the years has had a lot of work done to it, and alot of the properties are now owner occupied. It’s ideal for families trying to get their children into the High School- George Eliot- as its quite literally on the doorstep. It is also close to the town centre and a short work to Attleborough Village where you have all your local Amenities.
I think you could easily go in with a substantially lower offer of £95k with a maximum offer of £100k. Allowing between 10 and 15,000 pounds to then fix up the house. Once the house has been modified and done up to a high standard, I believe, regardless of area, you could ask £675 PCM rent on this property. The would then give you an annual yield of just above 7%!! Not only that but you would added substantial value to the property which could allow you to take money out of it, in order to buy your next!!
Some property investors, especially those looking for buy-to-lets, like a house that is just ready to move tenants into once the sale is completed, then you get some who would jump at the chance of a project such as this! Different strokes for different folks!
I know the house I went to look at on the same road got snapped up with days, so if this is something you are interested in, I would hesitate in getting a viewing sorted!
If you would like me to come with you to offer my advice, I would be more than happy to come, you can call me on 02477 674545.