The £210,000 price tag for this three-bedroom house (the cheapest listed for sale in Chichester) is a bit of a red herring. You see, it's up for auction - so that is just the 'guide price', which doesn't necessarily give an indication as to what the final sale price will be.
If I had to, I'd guess it will end up going for around £230,000-£240,000, which is still a decent price for this type of house (depending on its condition - as ever the details and photos don't give much away with auction lots). From the photos you can see it has double glazing and gas central heating, and as it's up for sale by a housing association you should assume it will be up to date with legislative requirements.
A house like this when done up will rent for £975pcm, which would provide a 5.6% rental return based on that guide price. Again, that's somewhat flattering and you won't be able to determine the actual return until you factor in the sale price and any refurbishment costs required. Typically though, houses like this in good order should be worth around £250,000 and thus offer a return of 4.7%, which is good in the scheme of things for a freehold house in Chichester. Quite a few of the houses here are let to students and therefore can achieve a higher return than this.
As it's an auction property you need to do your homework upfront in regards to viewing the house and having your finance ready to go. Properly assessing the property and what, if any, works are required and their associated costs means you can work backwards in regards to what figure you're willing to bid upto.
The property is on the market with Allsop and full details can be found on Rightmove via the following link:
If you are looking for an agent that is well established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.
E-mail me on clive@crjlettings.co.uk 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
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