£40k Bargain Investment Deal on Argyle Street in Darwen, up with YourMove - Estate and Letting Agents in Darwen, spotted by Paul Ainsworth Lord

Calling all Bargain Hunters! 

33% Discount on Argyle Street in Darwen

Well, I was just checking looking to see what bargains I could find on Rightmove this morning and guess what I stumbled across? Don't know why I hadn't spotted this beauty sooner.

It's up for sale with our friends at the YourMove Letting and Estate Agents office here in Darwen, across the road from me.

Reduced from £60k to £40k
Then again it might have been the original price tag of £60k that put me off. But since it's now up for grabs at a whopping 33% discount - only £40k it's certainly on my radar now!

What's the catch? 
Before you all start scrambling for your phones... what has gone wrong here? Should we not be smelling a rat, given the big discount?

I can only assume given the length of time it's been on the market (quite a while) and the number of price reductions there's clearly more to this than meets the eye, or is there?

Can't be much wrong with it?
Given I've been in the property business most of my life, and professionally for the last 15 years or so, even at £40k - there can't be that much wrong
with it, surely?

Can't be this bad?

At worst.... if it needs a 'full job' on it to restore it to a good standard, I've never spent more than £30k on a major refurb on this type of property. So at worst, after works etc it's only going to stand the buyer at say... £65k - which means its still a cracking deal. The asking prices on this street tells me this is a bargain waiting to be snapped up!

Here it is:

 http://www.zoopla.co.uk/for-sale/details/36504396?search_identifier=0b041af1fa1d072aa13f7ab2700178ba#GdBrGMTJFQsrq3pD.97

Bargain on Argyle Street, Darwen

Numbers.... I like the numbers..

Well, lets suppose you bag it for £40k and spend £30k on the refurb. It's going to stand you at £70k.

Given we have budgeted a for a top end refurb here I think we should get £500pcm for it quite easily (probably more).

That means you'd be getting a nice healthy 8.6% Yield. And if we got £525pcm it wood be a nice juicy 9%.

And on top of this you have Capital appreciation - the cream!


If you see any other potential bargains and would like a second opinion, you know where I am, call in for a coffee and a chat.

Paul Ainsworth Lord
Darwen's Local Property Expert

Ainsworth Lord Estates
49 Market Street
Darwen
Lancs
BB3 1PS

Tel 01254 760660

or ping me an email:

Paul@AinsworthLordEstates.com

£85k for 3 bed semi on Snape St (Top End) not bad? Refurb Renter opportunity here with Proctors - Estate and Letting Agents in Darwen, spotted by Local Property Expert - Paul Ainsworth Lord

Should I. Shouldn't I?

Finding decent refurb deals is getting harder and harder. Its famine or feast with these.

Now, this isn't a brilliant deal, but it's got potential..... as they say.

We've done loads this year for various clients, and helped many others with their own... just keeping them straight with a few tips here and there....

Could this be one for you?


Take a look, here it is, just click the link:

Potential Refurber to keep and rent out

3 Bed Semi Refurb & Keep?

It's not been on very long, and I doubt they'll be queuing round the block to snap this one up.

No Money in this? Or is there?

Most of the refurb investors/buyers like to get in do the work and get out again, take their profit and move on to the next one.But for these guys thee is no money on it when you look at what they bring when done up.

Here's Another Angle...

UNLESS however, you're one of those that is happy to buy, refurb and keep it and rent it out. If you are then this is probably one for you.


Purchase Price is £85k
Needs a healthy spend.. so lets say £15k
Stand you at £100k .

Rental income from his probably £600pcm depending on finish.

Yield: 7.2% 

That's not bad, given you shouldn't have (hardly) any maintenance going forward.

If you were down south you could get caught up in a fight for this sort of yield. Have I got you thinkng?

Second Opinion?
If you want to have a chat about this in more detail or hear a second opinion, why not give me a call or bob in for a coffee? I'm always happy to have a chat.... no obligation whatsoever..

Paul Ainsworth Lord
Local Property Expert

Ainsworth Lord Estates 
49 Market Street
Darwen
Lancashire
BB3 1PS

Tel: 01254 760660

or ping me an email:

Paul@AinsworthLordEstates.com