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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: http://www.tinyurl.com/chipropnewssubscribe
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