Monday, 16 December 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £259,500, 4.6% yield

3 bed house, Caernarvon Road, Chichester
kitchenlounge
Summary:
3 bed house in Chichester
Listed for sale on 06/12/19 @ £259,500
Rent = £1,000pcm
Yield = 4.6%

Last sold for £219,000 in 2013 (+18% in 6 years)


This three-bedroom house on the Arundel Park estate in Chichester is new to the market and is currently the cheapest three-bedroom house available to buy in Chichester; so it's definitely worth a closer look!

Arundel Park is typically one of the cheapest parts of Chichester when it comes to housing, but at £259,500 this three-bedroom house seems a particularly good deal. It's priced at not much more than some of the two-bedroom houses were selling for on the estate recently. Even so, it has increased in price by 18% in the six years since it was purchased by the current owner (for £219,000 in 2013).

It's in decent condition and appears to be pretty neutral throughout with little that needs doing to get it in a lettable condition. It was up for sale last year and the photos now show it to be empty and the advert as having "no forward chain". This is good information to have as it means the owners struggled to sell it last time out (which will still be in their mind) and now that it's empty they're likely to be keen to get it sold - hence the decent price (and potential for a 'cheeky' offer).

Even if it were to sell for the full asking price, it would still achieve a 4.6% rental return based on letting for £1,000pcm. That's a decent return, especially from a freehold property in Chichester that needs little to no money spent on it.

The property is on the market with Charles Peck and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-87259229.html


If you are looking for an agent that is well establishedprofessional 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



Chichester rental valuation

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