This two bedroom house in Chichester, just behind St Richard's Hospital, is beautifully presented. It would make a very easy buy-to-let property as there is nothing that needs doing inside and it would rent well due to its location and presentation. I'd expect it to do so for around £950pcm, which would mean a 4.1% rental return based on paying the full asking price of £280,000.
And that is where this property falls down a little - the asking price. I've said for a while now that two bedroom houses in Chichester are in short supply and, as such, prices have been going through the roof. BUT similar properties on the street were selling for £225,000 a few years ago and I don't think a 24% price increase is quite justified. Even a three bedroom house with a garage in the street sold for a touch under £270,000 in 2013; so whilst the house is great, it does seem expensive compared to 'what could have been'. Then again, I've also said you need to look at the alternatives today and with money in the bank earning 1% at best, quadruple that return from a low maintenance house that has shown itself to present great opportunity for capital growth could still be a winner.
Due to its size it also offers the opportunity to turn it into a three bedroom house or even a four bedroom student house (taking a room from the lounge), which would undoubtedly increase that rental return.
It is on the market with Bell & Blake and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-66299600.html
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