I’ve come across a good purchase in West Derby that is with Reeds Rains estate agents in West Derby.
It’s a one bedroom flat in a maisonette property that is currently on the market for £35,000 and was first listed on 13 January 2016. I have plenty of experience of renting our properties in this area and what I’ve noticed is that these properties have slowly been coming on the market for sale and are being purchased by individual landlords who are spending money to refurbish the property and put them in a better condition which is improving the area. I also know that famous Brookside Close is also fully rented out and achieves a good rental yield with excellent tenants.
This property does have a poor energy performance certificate rating which is currently a rating E, so this would need to be improved due to upcoming regulations that will not allow properties with a score this low to be rented out. With a property of this size I’m pretty sure it wouldn’t take too much expenditure to put this right as well as refurbishing the property to a good standard.
I have recently rented out the property in November in this Close for £375 a month to a professional tenant giving this property a annual income of £4,500. If you purchased this property for £35,000 and spent £5,000 on the refurbishment to improve the standard of the property as well as the energy performance score then with a £40,000 investment you can achieve a gross yield of 11%.
With the yield this high then I cannot see this property hanging around for too long. Click here to take a look at the property. If this property interest to you, then please do not hesitate to give me a call on (07747) 770972 to discuss this further.
As always I welcome comments regarding this property or on my blog