Tuesday 10 May 2016

Start your week with a Penicuik BTL flat yielding over 10%!


Today’s Penicuik Property Blog buy to let opportunity is a 1 bed flat that has been on the market for a many, many so it much surely be ripe for negotiating a cracking deal on it!

It is a fairly basic 1 bed flat at 4 Andrew Court in Penicuik, just off the Queensway, although it does have gas central heating and double glazing.  The description and pictures do not make it clear whether the bathroom has a shower or not so it would be worth checking this.  Also, the bathroom picture does not have a full shot of the WC so I am not able to see whether it has the tell tale sign of repossession – tape across the WC seat!  Again, worth checking this out.  

Finally, the external picture shows that there is a defective communal down pipe and it is worth considering the difficulties landlords sometimes have in getting even simple communal repairs done.  There are more photos of the flat at the bottom of this article.



The property is on the market with Stuart & Stuart for a fixed price of £70,000 and it has been at this price since well before Christmas so surely there will be room for negotiation on the price to, say, £65,000.  It will rent for £500 pcm, possible £525 pcm.   Based on these prices and rents you get the following yields:
  • Price £65,000; rent £525 pcm gives a yield of 10.5%
  • Price £65,000; rent £500 pcm gives a yield of 9.2%
  • Price £70,000; rent £525 pcm gives a yield of 9%
  • Price £70,000; rent £500 pcm gives a yield of 8.6%
We hope you find our posts useful.  If you want some buy to let advice on this property, another property you have in mind or anything else property related, come and see me in our office (6 Bank Street, Penicuik), call me on 01968 674601 or email me (lettings@thekeyplace.co.uk).

More photos for the flat are set out below:





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