I’ve come across this potentially great purchase in Old Swan, Liverpool.
The property is located in Cowper Road and the properties in this road are all good solid spacious terrace houses that always prove popular with purchasers and tenants. The property is currently on the market for offers in the region of £80,000 and looking at the photos it may have been repossessed. Although the property looks ok, there will need to be some investment needed to get it up a letable condition. I would estimate between £6,000 and £12,000 to be spent depending on how far you wanted to go on the refurbishment.
We always tend to achieve between £550 to £595 per month for these type properties so if the property was purchased for £76,000 (5% discount on asking price) and you spent £9,000 on the refurbishment then your outlay would be £85,000. At a rent of £575pcm then this would generate a 8% yield as well as improving the condition of the property and adding value if you decided to sell it. Properties of this style in Old Swan have been sold for prices up to £120,000 in the past 12 months so whilst the market is quiet, this could turn out to be a very good investment.
The property is currently on the market with Acumen and click here to view it