Today’s buy to let opportunity is a 3 bed, upper villa on
John Street opposite the Bank of Scotland that is being sold by McEwan Fraser
Legal. John Street is the main drag into
Penicuik.
There is plenty of accommodation including a decent sized
lounge, a fitted kitchen, 3 double bedrooms, a bathroom with a shower, gardens
and on street parking. The property is
in lettable condition and, by the looks of the photos, it has been rented out
before. Structurally there are a couple of things I would point out: one the
bedrooms is a ‘small’ double (have a look at the photos and you will see what I
mean!) and the fact that is an upper villa may put off some people,
particularly families with small kids.
Doing the maths. The price is offers in the region of £105,000. Rent of £750 to £800 pcm is achievable on a
property like this in the current market which gets you to a 8.6% to 9.1%
yield. On top of this, there may be
scope for a negotiation on price as, even though the price has recently been
reduced slightly, it is on the market for ‘offers in the region of’ and the
property has been on the market since March.
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