Monday 11 December 2017

BUY-TO-LET DEAL OF THE WEEK:3 bedroom house in Chichester, £250,000, 4.3% yield

3 bed house, Windsor Road, , Chichester, West Sussex
3 bedroom house in Chichester
Listed for sale on 06/11/17 @ £260,000
Now = £250,000
Rent = £895pcm
Yield = 4.3%

Last sold for £195,000 in July 2006 (+28% in 11 years)
Last week I highlighted a three bedroom new-build house in Chichester, priced at £340,000, which would return a rental yield of around 4.2%.

This week is another three bedroom house in Chichester....but it isn't new! It's located on the Arundel Park estate and, priced at £250,000, it is the cheapest three bedroom house on the market in Chichester. It seems very reasonably priced to me considering it's decent size, appearance and the benefit of being a family home with a garage and driveway. It has just been reduced by £10,000 since being marketed a little over a month ago.

What may make this of particular interest to prospective investors is that there is already a tenant in situ, paying £895pcm. That means a yield of 4.3% based on the asking price, which betters the return from the new-build on show last week. The rent seems a little low to be honest, if it were vacant I'd expect it to be in the region of £950pcm - £975pcm, which would up the yield to 4.6% - 4.7%. The only issue is that since the tweaking of the asking price (it's actually 'offers over £250,000), there has been a lot of interest in the property and I understand it is getting closer to the original asking price of £260,000.

There aren't a huge amount of photos in the advert but I would keep the same tenants that are currently there (assuming there is proof they have paid their rent on time each month) to earn a return from day one. When they want to move out I'd then investigate whether a new kitchen and bathroom is in order, along with any decorating, which would then bring the rent up to the £975pcm - £995pcm range.

All-in-all it is a cheap three bedroom house in Chichester that has tenants in situ that means a landlord can earn rent straight away with the minimum of effort, whilst being able to add value to it at a later date.

It is on the market with Cubitt & West and full details can be found on Rightmove via the following link:

NB: This was obviously such a great pick that it has sold stc over the weekend.  If you want to be first to see future BTL deals then sign up to our free weekly newsletter here:

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E-mail me on or call 01243 624 599.

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


Rental valuation

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