This 2 bedroom ground floor apartment has caught my attention. Located in a modern development in Dunstable it has 2 double bedrooms, ensuite, spacious lounge and allocated parking. This development is popular with tenants requiring access to the M1.
2 bedroom properties are the most sought after by tenants making this an ideal investment property at a keen price so why has it been reduced? It doesn’t take long to find out when you view the pictures as it has obviously been rented and by the look of the pictures there were no inspections carried out which has allowed it to get into this state.
A look at the history of the property shows that it was purchased new in February 2007 for £169,995 at the height of the last property boom. It has been rented in the past for £675pcm and was on sale in November for £124,950.
Quick research tells us that this is the expected price for a good condition 2 bed property on this development so in this condition was overpriced. It is being marketed by 2 agents one of whom still shows it at £124,995 and the other who shows it at its reduced price of £119,950. Click here to view
At the new reduced price and a conservative rental of £700pcm this will give a rental yield of 7% and probably just over 6% if service charges are included.
There is no chain and I would imagine still some significant movement in the price to allow for the work required which is likely to be a full redecoration, new flooring, a very deep clean and possibly kitchen appliances.
I suspect the condition as shown by the photographs is putting off most potential viewers and those who do view might not be able to see beyond the condition of the property.
There might be a reason why the carpets have been lifted and a very good airing of the property is possibly required but if you do your sums and drive the price down there could be a bargain to be had and it is chain free.
