Buy-to-let deal of the week: 3 bed house in Chichester, £230,000, 4.7% yield

This is the cheapest 3 bedroom house available for sale in Chichester....

Yet it's been on the market for 6 months!

It's just a mile from the city centre, with parking on it's private driveway. Priced at £230,000 it already offers decent value for money. It would rent for around £900pcm, giving a 4.7% yield based on it's full asking price.

The first bedroom is of a very good size (164 square feet), the second is a decent double and the third a large single. It is neutrally decorated and carpeted throughout with a decent fitted kitchen too.

So why hasn't it sold? I think this is mainly down to its presentation. The front is overgrowing with weeds, giving a horrible first impression and limiting it's use as a driveway. Inside there is quite a lot of clutter (see the bedroom picture), which detracts from what is actually quite a spacious property. The bathroom is downstairs, not something you could change, but it does effect buyers more than renters. Giving it a little spruce up would be enough to change this perfectly serviceable bathroom from looking unwelcoming to more inviting too.

The cheapest 3 bed house available to rent in Chichester is priced at £930, so it's conceivable that with a little tidying up it wouldn't take much to increase both the desirability, value and rent achievable on the property. My original £900pcm valuation is conservative based on its current presentation and the fact you would want to minimise it's initial void period.

Spotting opportunities like this can make an excellent investment. Having been on the market for a long time you would expect the vendors to be tired of the sales process and looking to accept an offer on the property. Once their 'clutter' is removed from the property and you take vacant possession, a little bit of window dressing will transform it into a very rentable property. 

Full details can be found on Rightmove via the following link:

www.rightmove.co.uk/property-for-sale/property-31875888.html

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