Summary:
3 bed house in Chichester
Listed for sale on 07/03/19 @ £300,000
Now = £285,000
Rent = £1,100pcm
Yield = 4.6%
Last sold for £210,000 in 2011 (+36% in 8 years)
Around a mile out from Chichester's city centre is this well-presented and good-sized three-bedroom house that could make a great buy-to-let property without needing any work to get it ready to let.
The only thing missing downstairs (it has a lounge, kitchen/diner and conservatory - which doubles as a utility room currently) is a cloakroom. Little things like this might not seem important now, but they are being more regularly requested from tenants as new-builds (with a cloakroom, bathroom and en-suite) now offer three toilets throughout a three-bed house! I've said before about ensuring an investment bought now is 'future-proofed', and fortunately in this case I think a cloakroom could be installed under the stairs alongside the kitchen, when such things are seen as a necessity.
Upstairs are good-sized bedrooms - two doubles and a single - along with a bathroom. Now, as the bathroom isn't photographed (not ideal) it's hard to tell if this is an area that does need money spent on it - it's even more important this is right when it's the only one in the house. Beyond this is a garage in a block, which is always useful to increase the rent a little.
I think it would rent for £1,100pcm (assuming the bathroom is modern and including the garage), which would represent a 4.6% return on the £285,000 asking price (recently reduced from £300,000). For a freehold property in good condition in Chichester, that's a decent return. It's also 'only' a 36% increase in the eight years since it was last purchased, which is just about bang on the average increase throughout Chichester in that same timeframe, which suggests it's reasonable value.
The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-79931195.html
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