The property I have picked out for you this week is on the market with Edwards Grounds. I have had my eye on this for quite a while as for the size of accommodation on offer, it is a great price. It has been on the market since June but has now been reduced to £104,950. It offers 4 bedrooms to the first floor while the family bathroom is situated on the ground floor, which is quite common in the Weston Point area of Runcorn. The family home has been extended to provide extra living space to the ground floor with a lounge, playroom and open plan kitchen, dining room and sitting room. There is good demand for 4 bedroom affordable rental homes as they are few and far between. Although I haven’t been inside this property, from the pictures, it does look like all the main ingredients are present (modern kitchen, modern bathroom, central heating and double glazing) so would only require minor cosmetic improvements such as redecoration and new flooring throughout.
If the property was to be let out to a family, the property would likely achieve around £675 per month so with the £104,950 purchase price (£3148.50 stamp duty and £6000 for closing costs and refurbishment) the gross yield could be around £7%.
Subject to complying with regulations, there could be a possibility of renting the rooms out individually as a HMO, where yields could be much higher! If each room was let for £65 per week, a gross yields of over 11% could be achieved!
Please take a look at the link below and call Edwards Grounds to arrange a viewing.