Summary:
3 bed house in Tangmere Listed for sale on 13/06/19 @ £250,000 Rent = £950pcm Yield = 4.6% Last sold for £100,000 in 2016 (+150% in 3 years)
We're heading back to Tangmere again, which so often throws up good-valued properties that feature as my buy-to-let deals of the week.
This three-bedroom house has been listed at a competitive £250,000, which is not much more than the nearby two-bed houses have been creeping towards of late (having been under £200,000 when I first started highlighting them a few years ago). It appears to be in a very good condition, with a modern kitchen and bathroom and tidy décor (as far as the limited photos show). It should rent for £950pcm, which would provide a decent 4.6% rental return from a freehold house in ready to rent condition. The bedrooms are a little on the small side, so this may hamper renting it instantly (if they were a bit bigger I'd be suggesting £1,000pcm). It can also be a disappointment to only find one toilet in a three-bedroom home, which will typically be aimed towards families, and in this particular property they have removed the bath in the bathroom, which can stop families with young children from renting them. The only other thing which makes me think twice about this property is the sales history. It was sold for just £100,000 in 2016! I thought maybe it was a council tenant buying their ex-council home, but it also sold in 2000 for £42,500 (when this was possibly the case). How and why could it only have achieved £100,000 just three years ago? Then I did a little digging online and found this was a 50% shared ownership price (and it was in a bit of a state!), which means it's actually increased (a still decent) 25% in three years rather than the 'on paper' 150%! The property is on the market with King & Chasemore and full details can be found on Rightmove via the following link: https://www.rightmove.co.uk/property-for-sale/property-63027387.html |
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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:
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