Ah the joys of Clepington Road, a rental area I like. Easy access to local shops, main bus routes into the city centre, the Kingsway etc and normally easy to rent.
This property https://www.zoopla.co.uk/for-sale/details/44650847?search_identifier=90eb68f33e40eab85bf0409f29cf9ec4#2SVETyLwi3BFEEOI.97, is being marketed by our colleagues at Northwood.
It’s a one bed with fairly generous proportions and it looks to be in good condition throughout. I cant speak for the block itself and the EPC hasn’t been published but probably a D or E.
Its interesting on a number of levels, firstly its been reduced twice since it was first marketed (it started at £70,000 and is now at £60,000). Now that means one of two things either there is something wrong with the flat/block that we cant see in the details or it was badly overpriced in the first place.
I’m going to stick my neck out and go with the ‘over priced’ option, I may be wrong, we shall see. But obviously subject to viewing it might be worth a cheeky offer.
The second reason it’s interesting is that if you’re a ‘handy’ kind of person (and I’m not), then the square footage of this flat might lend itself to conversion to a two bed. It would need some significant re design of the layout I accept, especially if you don’t wont to ruin the property, but it may be possible.
However, ignoring that as is I would estimate the monthly rental at £365 (could be a bit more) that’s a yield of 6.6% along with capital appreciation of 18.74% over the last 5 years. Not to bad at all.
