£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

Snape Street Darwen offering 8% return, offered by YourMove estate agents in Darwen. But beware! says Paul Ainsworth Lord, Darwen's Local Property Expert.

Snape Street is a popular rental street in Darwen.

I've never had any problems renting out on Snape St. and we have over a dozen on here. Demand is good because its a pleasant street in a decent location.

The rents I get on here vary from £395 to £445 and as you'd expect depend on the standard and finish being offered. These houses are generally good-sized 2 bedders.

Pseudo 3 Bedder....
 
I noticed this one that's a '3 bedder' and being offered for sale by our friends across the road at the Your Move office here in Darwen. They are claiming it has: '3 good sized bedrooms upstairs'. Now, I'm not one to diss other agents in my town, but in my world bedrooms that are only 6' wide do not count as 'good-sized' bedrooms.

Here it is:

Click Here for So called 3 bedder on Snape St Darwen

 http://www.rightmove.co.uk/property-for-sale/property-35303076.html?premiumA=true


Now you'd spot this straight away if you were to view it, but more importantly.... if you were to refurb this one and leave these bedrooms as they are you will struggle to find a tenant. I promise!

Beware...

Two - Bed Properties that have been poorly being marketed as '3 bedroomed properties' for sale or rent and priced as such are tough cookies to move. And this is more common than you think. Often innocently marketed by mistake by some of the estate agents in Darwen, Blackburn and other areas.

What people think is that by splitting one of the big bedrooms in two and creating 3 beds will not only increase rental returns, but also add capital values and in theory this should work, but when you create 2 box rooms that are neither use nor ornament you create a problem for yourself. Tenants aren't daft.

Often the result then is that you have a house that 'doesn't work' and struggles to rent, has high voids and doesn't deliver on returns.


Opportunity.....

Fortunately for us investors these come to the market - often because the landlord loses interest and decides to sell. This is where we can usually snap up a decent buy.


So how do we make good this little baby and deliver an 8+% yield? Well, I'd be happy to have a chat with you about this. Why not give me a call and we'll go through it.

My opinion?

I reckon this house is a good buy.. better at 35k!

This would make a good investment for either a new 'wannabe' landlord or someone

looking to add another renter to their portfolio.

But don't hang about, I know this has been on the market for a good while now (originally on at £45k) and was reduced to £40k about a month ago. Now I have written about it it will go, I'm certain!

You know where I am...








My office is...

Ainsworth Lord Estates
49 Market Street
Darwen BB3 1PS
(There's plenty of parking)

If you can't get down, give me a ring or ping me an email...

01254 760660
paul@ainsworthlordestates.com