Buy-to-let deal of the week: 3 bed house in Tangmere, £220,000, 5.4% yield

This week's buy-to-let deal has all the hallmarks of being a great buy. It's well-priced, is in immaculate ready-to-rent condition, would let well and provide a great short-term and long-term return.

It's a 3 bed house in Tangmere, an area I've suggested several times as ripe for some capital growth as it benefits from being just a mile East of Chichester, yet is much more affordable. This means it will further benefit form the trickle effect of people wanting to buy in Chichester but being unable to afford the ever-rising house prices.

Priced at £220,000 it seems a reasonable, if not spectacular, purchase. But, the house is in immaculate condition with gas central heating, double glazing, a modern kitchen, conservatory and a decent sized garden. Plus, there's it's secret weapon....two garages! The house would rent comfortably for £895pcm with each garage bringing in £50pcm for a total return of £995pcm. Based on paying the full asking price, it would provide an excellent 5.4% yield, on a freehold property that's ready to rent. 

As a sidenote, the agent's done a pretty poor job marketing this one. I'd certainly want them to redo all the photos - they're all slightly wonky and are a low resolution so they aren't using the full space available on Rightmove. Also, a big boon of the property are the two garages, yet they aren't photographed?!?

Hopefully that means it'll slip through the net of a few other buyers, leaving the door open for some shrewd buyer to grab what I think is a fantastic bargain of a property.

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

http://www.rightmove.co.uk/property-for-sale/property-49007567.html

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E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

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