Now this is a potentially interesting property for a couple of reasons. It’s a spacious one bed flat on Arklay St being advertised by our colleagues at Remax at £58,000. http://www.zoopla.co.uk/for-sale/details/43958709?search_identifier=bc246f66603a7706be395a85b4bd9c5c#Jdj1xpUKyJUUrGU2.97
The first reason it looks interesting is because it looks to be in walk in condition, no work needed, obviously you would want to check that and the condition of the block for yourself.
However, the details also say that due to the size of the property it could become a two bed with some re design.
If so then its an instant win, however I would sound a note of caution hear, I have seem some god awful properties where the agent or landlord tried to squeeze an extra bedroom in and it ruined the property, it was neither ‘fish nor fowl’, they were too expensive to let as one beds and too small to let as a decent two bed. Beware there are companies/builders that specialise in this kind of disaster creation scheme.
That said, it doesn’t mean it’s not possible, just remember that you need two double bedrooms, a double and single is always a much harder let.
Finally, although I do like this property its mainly because of the rental return and its potential, capital appreciation in that location is low, running at about 3% over the last five years. I think it would rent at £365 (as a one bed) comfortably, that’s a yield of 6.9%.
