Summary:
3 bed house in Chichester
Listed for sale on 15/09/18 @ £285,000
Now = £260,000
Rent = £1,050pcm
Yield = 4.8%
Last sold for £285,000 in 2016 (-9% in 3 years)
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I spotted this three-bedroom house on the Arundel Park estate in Chichester six months ago when it was first listed. At £285,000 for a three-bedroom house with a garage and driveway in a pleasant part of Chichester and seemingly in decent condition (just in need of a little decoration in places) it seemed a good proposition.
However, I didn't bring it to your attention then as it has a major problem - the bedroom sizes. Put simply, with bedroom two and bedroom three both being small singles (under 60 square feet each) I thought it was likely to struggle to sell and therefore would soon slip in price. How right I was, as it's dropped £25,000 (nearly 10%) since then to now sit at an asking price of £260,000. That makes it cheap for a three-bedroom house in Chichester and even if you were to consider the upstairs is only as big as many houses on the same estate with just two bedrooms (albeit both doubles), the price becomes realistic.
Other than the small bedrooms, the rest of the house is great - with a large driveway and garage and a good downstairs space, with a kitchen/diner, the addition of a conservatory and good-sized private rear garden.
Whilst I'd be a little hesitant to breach the £1,000pcm mark (based solely on those bedroom sizes - the fact it's been slow to sell also means it could be slow to rent), I think £1,050pcm is a fair price for this house. That would make it cheaper than other three-bedroom houses on Arundel Park (one is currently on for £1,125pcm but is a little bigger throughout). At that price it would generate a very decent 4.8% yield from a freehold property that needs little work and can be bought for £25,000 (9%) LESS than it was sold for three years ago.
The property is on the market with Bell & Blake and Sims Williams and full details can be found on Rightmove via the following link:
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