Summary:
1 bed flat in Chichester Listed for sale on 13/01/20 @ £120,000 Rent = £675pcm Yield = 6.8%
Taking a look at the cheapest property in Chichester that's on the market is always a decent start for a potential buy-to-let deal. Doing so brings us to this one-bedroom flat on the Arundel Park estate that has been listed this week for £120,000.
The advert suggests the flat is in need of updating, but from the photos it appears to be in good condition - with double glazing, gas central heating, a white bathroom suite, modern kitchen and neutral décor and carpets. So unless the agent's photography or photoshopping skills are second-to-none, I'd be saying the flat is in a ready to rent condition. The only thing I can see as a stumbling block is the lack of a shower over the bath, but as the tiling is already full-height this shouldn't be too difficult an addition to make. These flats may be amongst the cheapest properties in Chichester when it comes to the sales and rental market, but even so one-bedroom flats start from around £650pcm in Chichester. Looking in decent condition and being a fair size (including a double bedroom) could see this flat rent for £675pcm, which would be a fantastic 6.8% rental return based on the £120,000 asking price. Something to consider with flats of course is the ground rent and service charge, as well as the length left of the lease, for which there are no details in the advert. Taking the advert and photos at face value though, this ground floor flat seems to be a good prospect for a landlord who prefers to deal in the cheaper end of the market. That's not for everyone, but with a generous rental yield on offer you can understand why someone could be tempted. The property is on the market with PMS and full details can be found on Rightmove via the following link: https://www.rightmove.co.uk/property-for-sale/property-67604853.html |
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:
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