On my daily search for property deals, I’ve come across another property that is a great investment and it’s in the same road as my last deal.
This property is a modern purpose built apartment block that I have great experience of renting out in the past. The property comprises of, communal area, allocated parking space, two bedrooms, open plan lounge, with kitchen and breakfast bar and a family bathroom. I’ve always found this block of apartments to be popular with applicants looking to rent in West Derby and therefore there will be no issues in securing tenants for this property.
It’s currently on the market with Reeds Rains at £59,500 now this looks like a repossession so the price may increase if a bidding war starts. You would look to achieve a rental income of £5,700 per annum giving this a gross yield of 9.6% if purchased at the current asking price.
At the time of writing this, I’m not sure of the current situation with the management company but if you are interested, then contact me and I can easily find this info out. As the block is modern and small, then I would surmise that the service charge would be between £55 – £80 per month and a ground rent of between £150 and £200 per annum.
These properties originally sold for around £120,000 back in 2007 but there have been a couple repossessions sold in 2014 with them being sold for around £60,000. If you take a long term look at this investment, then prices will increase as well as offering a fantastic gross yield.
Click here at the previous sold prices
Click here to view the property
As always, I welcome any comments regarding my blog and the property deals.