I’ve just noticed this three-bedroom mid terrace property which is located off Green Lane in Old Swan has just been added to Zoopla via Entwistle Green in Old Swan.
The property is in need of total modernising throughout so only look at this if you have the right team of contractors around you. It’s currently available for £55,000 and if you could negotiate a little discount and purchase it for £52,500 (never paying asking price if possible) and spend £17,500 on the refurbishment then this property will set you back approx. £70,000.
If done to a good standard, then you would look to achieve between £500pcm and £525pcm. I’ve rented out to properties in this road and both are long standing tenants who have been in since 2010 and 2014 so this tells me that the road is a good place to live.
If you base the yield on the figures I mentioned, then you can achieve a yield of between 9% and 8.5%. I’m pretty sure there are investors who could negotiate a better price for the property, or do the works for a lot less than I budgeted for but I always try to give conservative estimates/figures on my blog. If this was the case, then the 10% yield mark could easily be achieved.
It’s difficult to give a re-sale price on this property as there hasn’t been a sale since November 2008 and this actual property was originally sold for £90,000 in October 2004.
I have a very good relationship with the team at Entwistle Green so if you wanted me to negotiate on your behalf, then I would be more than happy to do this. I can also provide the details of several contractors who would be available to carry out the refurbishment of this property.
Take a look at the property by clicking here
Take a look at the previous sold prices by clicking here