This two bedroom house is within walking distance of Chichester's city centre. This in itself should make it a popular home amongst tenants. Currently though it needs some cosmetic refurbishment throughout; I'd suggest full re-decoration and re-carpeting, along with a new kitchen and possibly a new bathroom (it might make do with re-tiling and putting a full-height shower over the bath).
This would make it a highly desirable two double bedroom home close to the city centre and, importantly for a house of this type, near the most prestigious primary school in Chichester - Jessie Younghusband School. I wrote an article previously about how school's can affect house prices (How have Chichester's schools affected house prices?) and if you consider the type of tenants a two bedroom house might attract (young professional couple) it is clear that, in time, they can grow into the home with a child who would be on the doorstep of the top primary school in Chichester.
This should mean you'd be able to find tenants relatively quickly for the house and I believe if chosen carefully you could find long-term tenants who are likely to stay in the house and create a home for themselves. On the basis that the house is modernised I believe it would achieve £1,000 per month in rent (effectively £950pcm for the house and £50pcm for the garage). Based on paying the full asking price of £275,000, which has just been dropped by £25,000 within only a few weeks of marketing, that would represent a 4.4% yield.
Considering there's a two bedroom flat in the same road that is both smaller and lacks a garage, up for sale at £240,000, I believe this house represents decent value for money. The fact many first-time buyers are likely to be put off by the added expense of the additional works required to make it 'nice' inside could give a shrewd investor an opportunity to bag a bargain.
It is on the market with Kenton Budd and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-67403660.html
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