Each week we search the local property market for good potential investments, not only for new landlords looking to dive into the residential property market but also portfolio landlords looking to bulk up their portfolio. This week we spoke with a local estate agent who suggested this six bed offering which when fully let could allow for a 9% potential gross yield.
Cliff Mount, Woodhouse, Leeds, LS6 2HP
This spacious 6 bed mid-terraced house is located in Woodhouse close to the Hyde Park, a very popular student district of Leeds. Nearby are some fantastic shops, restaurants, and pubs. More importantly it's close to Leeds University and the City Centre and excellent transport links which take you to Headingley and Leeds Beckett University.
According to the agent's description this is a VERY WELL MANAGED AND PRESENTED INVESTMENT PROPERTY LET UNTIL 31st AUGUST 2016. Also due to strong interest BEST & FINAL OFFERS SHOULD BE RECEIVED BY 3PM ON FRIDAY 19TH JUNE 2015!
The agent's photos would suggest that the property is in a very good state of repair and decor. Looking at the floor-plans all the bedrooms are good size doubles so no tenants are left feeling they have come away with the rough end of the stick. This house also offers two modern shower room w/c's and an additional separate w/c as well as a modern fitted dining kitchen with integrated appliances and breakfast bar, open plan to a good sized lounge.
Currently on the market at £229,950.00 and let until the end of August 2015 to a group of six tenants at a rent of £20,700.00 per annum. The property has also been re-let from the 1st September 2015 until 31st August 2016 with the same gross rent of £20,700.00 per annum. We feel the figures stack up enough to make it more than work in our opinion, especially as very little work would be needed to bring it up to standard.
Do you think you could add value?
Although the property is currently in a decent lettable condition how do you think you may be able to add value to this property, if at all? Do you think it could compete with Redbrick's 10 Hottest Properties or make it to our Limited Edition range? Let us know in the comments box below.
A few points to note, according to the agent's particulars:
- BEST & FINAL OFFERS SHOULD BE RECEIVED BY 3PM ON FRIDAY 19TH JUNE 2015!
- The current owners have an HMO Licence until 4th July 2017.
- This property has an EPC Rating of C.
There could be a whole host of reasons as to why you want to buy, from it being the preferred option to a traditional pension, or maybe your savings interest rates are falling below your expectations. From the start you need to know exactly what you should be looking for, what cautions you will need to take as an investor, whilst looking at your investment as if it is you that is renting the property.
Redbrick Properties can benefit landlords through offering advice and guidance in areas such as:
- Strategy, location and property type.
- Local housing market opportunities.
- Overall performance indexes to maximize yield.
- Appropriate furnishing/décor to cater to potential tenants.
- Suitability and efficiency of a portfolio.