I must say, this three bedroom house is beautifully presented. It's in Charles Avenue in Chichester, which is sometimes looked down upon as one of the 'not so nice streets' in Chichester. But, the vendor of this property has shown what can be done - it looks like a show home! I would far rather manage the rental of a house in this condition and location than some of the houses I've seen in 'premium' locations that are in a shocking state (and yet they still want 'premium' money for).
Unfortunately it does come with the caveat of 'location, location, location' in that the future value and rental price will always be capped. They also say you should buy the worst house in the best street if you really want to make money, so perhaps this is going at it the wrong way round.
I think it would rent for that often-cited big round number: £1,000pcm. This would provide a 4.3% yield based on paying the full asking price of £280,000. That asking price is towards the higher end of what three bedroom houses normally sell for in Charles Avenue, although based on its condition that isn't unreasonable. The current owner paid £180,500 in 2007, so they've made just shy of a cool six-figure sum in a decade, having seen the price rise 55% in that time.
Whilst many landlords look for a 'doer-upper', some are content in paying the going rate for a simpler investment. This house fits the bill for that, coming complete with all the modern necessities (gas central heating & double glazing) as well as the modern 'nice-to-haves' (neutral décor, modern kitchen & bathroom) - which are becoming more like 'need-to-haves' in an increasingly competitive and demanding rental market. It also means it can be rented out straight away with the minimum of fuss, which could make it a great buy-to-let property here in Chichester.
It is on the market with House Simple and full details can be found on Rightmove via the following link:
www.rightmove.co.uk/property-for-sale/property-70742696.html
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