Tenanted 2-bedroom mid terrace house.
The property is freehold.
The property briefly comprises of entrance hall with stairs to first floor, 2 reception rooms and kitchen.
First floor landing, 2 bedrooms and bathroom.
The property is in a good area for rental properties and for first time buyers. The majority of sales around SR7 7LL during the last year were terraced properties, selling for an average price of £89,951
This property is let at £4,656 per annum which is £388 per month. This gives a yield of 10%.
Properties in this area rent for up to £430 pcm so there is a possibility of increasing the rent on the next change of tenancy (following a refurb) improving the yield further.
The property is already tenanted by a long term tenant, and the tenant is happy with the decor as shown in the photos, but if they decide to move out the property will need fresh paint and carpets before another tenant can be found which is likely to cost around £2,500 (current prices). At this point though the rental income that can be achieved on the property will be able to be increased.
We will ensure that all of the certificates are in date and it is to a minimum of the Durham Decent Homes Standard and also to the current selective licensing conditions at the point of sale.