This tenanted 3 bedroom semi detached house has all the elements that make a great cheap house deal! Of the sub £50,000 properties we regularly offer, this is one of the best examples seen this year.
When assessing deals that will be used primarily to generate a monthly income, we must ask the question whether we believe that people in the local area would see the property as a desirable living space. I believe that this house certainly fits the bill.
From a financial perspective this house also delivers with a current gross yield of 12.48% and a monthly income of £520 pcm!
An estimated yearly NET income of £4,466 outlines the high return on offer – Over 37% of the initial amount deposited.
Key features of the property – Photographs attached below
Garden to front and rear
3 well sized bedrooms
Off street parking
Tiled bathroom with white suit
Well maintained fitted kitchen/diner with extra utility room
Gas central heating
A mixture of good condition carpet / wooden flooring throughout
The security of knowing that there is a long-term tenant in-situ makes this house an attractive deal. The rental income of £520 produces an excellent yield so the obvious choice would be hold this house on a long term basis, opening up a substantial monthly cash flow whilst also allowing some time for the price to appreciate.
Based on the estimates calculated below – it would take just over 32 months to recover your deposit amount of £12,500. This working also takes into account a mortgage deduction and management fee.
Sold prices within the last 12 months for 3 bedroom semi-detached comparables (within 1/4) have achieved at least £55,000 which means there is roughly 10% built in discount available as well.
A brief look into the local area shows the house is situated in a well maintained, residential area a short drive from Middlesbrough town centre.
There are 8 Schools or Colleges located within a 1 mile radius – 6 being classified by Ofsted as Good or outstanding.
Other notable nearby services include a the Eston Grange NHS centre (700m) and an array of well known high street retailers within roughly the same distance. The nearest railway station is also within just 1km.
Full address: 14 Bevanlee, Middlesbrough TS6 6QT
How to Proceed
We will assist with the smooth transition to owning your new property. There is a long term tenant and management arrangement in place so we recommend keeping this exactly the same.
We will also help to connect you with brokers and solicitors who are able to ensure the process is simple and easy.