Every so often we use our expertise to 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. The residential property market is vibrant in North Leeds at the moment and should continue like this for some time to come. This week we spoke with a local estate agent who suggested this 7 bed offering which when fully let could allow for a 10% potential gross yield.
This spacious 7 bed mid-terraced house is located in the heart of Headingley, a very popular student district of Leeds, on the door-step of lots of fantastic shops, restaurants, bars and pubs. More importantly it's close to Leeds Beckett University and a short bus or train journey from the City Centre.
According to the agent's description not only is this property LET UNTIL JUNE 2016 but has also JUST UNDERGONE A SIGNIFICANT REFURBISHMENT PROGRAMME including a new EXTENSIVELY FITTED KITCHEN as well as new HIGH-SPEC BATHROOMS & SHOWER-ROOMS, UPVC DOUBLE GLAZING, FIRE DOORS & FIRE ALARM. There's even been a few cosmetics thrown in such as NEW FLOOR COVERINGS & DECORATION. It also has a 5 YEAR HMO LICENCE.
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 doubles so no tenants are left feeling they have come away with the rough end of the stick. Potential investors may also be interested in extending the existing accommodation into the large basement which could provide additional income (subject to necessary consents).
Currently on the market at £295,000 and let until the end of June 2016. The owner has agreed that July and August will be rent free and £75.00 pppw thereafter. According to the agent's details there is no reason why this property could not achieve a rental income in excess of £30,000.00 in 2016-2017. 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.
Although the property is currently in a very 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:
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:
Disclaimer - The information displayed about this property comprises a property advertisement. Redbrick Properties (Leeds) Ltd makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information. The above does not constitute property particulars. The information is provided and maintained by Castlehill, Headingley. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Redbrick Properties was established back in 2002 and since then has gone from strength to strength building up a fine portfolio of residential properties along the way.
We could never be accused of being a faceless agency as both Mark and I still work front-line in the office along side our experienced and capable staff.