Todays property deal is one of our own. Our landlord has decided he wants to sell. The property needs some work (there are damp issues) and in an ideal world it would benefit from an extension.
This 2 bed terrace home is on Gardner Road at Skerton. It’s a cute horse shoe style street with no passing traffic. It’s also only 1 mile north of the city centre.
Gardner Road, Skerton. Expect to see a monthly rent of £425 -£450pcm
You are going to have spend a little bit on this. We reckon though if you kept the same floor plan you would have change from £5K.
If this home stood you at £75,000 done ( It’s only the market at just £69,950) you’d be seeing a gross return of 6%. This is working on a rent of £450 pcm. Far better than a bank!
Alternatively you might decide to extend and add a ground floor bathroom. Could there be a potential £10K profit on this for a builder to buy, renovate and sell on? We wonder……
Check it out here.
http://www.rightmove.co.uk/property-for-sale/property-40549767.html.