This week's buy-to-let deal is the cheapest three bedroom house for sale in Chichester - in fact it's the cheapest house in Chichester on the open market.
Located in a small cul-de-sac off of Kingsham Avenue to the South of Chichester, it's not necessarily the most sought after area of the city. However, considering the proximity to the city centre, the train station and Chichester High School, this good sized family home could make a great addition to a buy-to-let portfolio. When we consider the possible regeneration of the Southern part of Chichester, this property could be in a prime spot to benefit in the long-term.
In the meantime, it needs some serious work (and money spent on it). It appears to have gas central heating....but other than that it will need a full overhaul; including new windows, kitchen, bathroom, flooring and decoration. I'd also take the opportunity to remove the downstairs bathroom (thus creating a kitchen/diner) whilst creating a bathroom upstairs in part of the current master bedroom.
Bedroom three is rather small but there's little that can be done about that. Once overhauled, it will be a three bedroom house (two doubles and a small single) with a new upstairs bathroom, new kitchen/diner and being completely new throughout will make it a desirable property in a central location in Chichester.
Priced at £225,000 the yield flatters at 5.3% based on a rent of £1,000pcm as it doesn't include the monies that will need spending on it. Even so, if your total spend is around £250,000-£260,000, you'd have a completely refurbished freehold property with little (you'd hope) ongoing maintenance that will benefit from the nearby regeneration in the future, providing a yield of closer to 4.8%. Sounds like a winner to me!
It is on the market with Purple Bricks and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-58338235.html
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Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:
c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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