This two bedroom apartment has come to the market this week and would be a great entry-level buy-to-let in Chichester, with an asking price of just £169,950.
Whilst it would benefit from a new bathroom and a lick of paint, it appears to be in good condition, with a modern kitchen, double glazing and gas central heating.
Even though it has increased in price by 25% since it was last sold in October 2012 for £136,000, it still offers good value compared to a nearly identical apartment around the corner that is on the market for a snip under £200,000.
It is close to St Richards hospital so there should be a ready supply of tenants who could move in and the room sizes are large enough to accommodate two or even three sharers (doctors or nurses are likely candidates). It's abit of an ugly duckling from the outside, which will limit its desirability and thus its capital growth in the future, but it should achieve around £775pcm in rent, which would result in a good 5.5% yield. These flats normally come with relatively low service charges so it shouldn't impact upon that yield too greatly, which can be a concern when buying a leasehold property.
It is on the market with Sims Williams and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-57452105.html
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