Wednesday, 22 July 2015

Fixer Up Gem on Wellfield Street Warrington £65k

Good Afternoon folks.. I have just sported a great BTL deal on Wellfield Street. In the past I have compared Wellfield Street to other streets in Warrington. It has always proven strong in the rental market and the street has given a lot of our investors and landlords great tenants and great yields.

Now I tend to look for deals that are pretty straight forward however sometimes to achieve them big yields you need to get your hands a little dirty and find a fixer up. I can comment on the internals on this property however going off the guide price and the fact the Agent is not sharing any internal images - worse case scenario is around £15k where a full refurb will be needed this will mean taking back to brick and starting again (electrics, central heating, new bathroom, kitchen etc)

Going in and giving an offer at around £60k means with the refurb costs of lets say worse case £15k means you are walking away with around a 7.9% yield as the going rate for a 2 bedroom property in that area to let is around £495 however it will be newly refurbished and the right tenant will potentially pay a little bit more.

Now we at Hamlet Warrington have worked with investors on projects like this so if this is something you are interested in and want to get an idea of time scale and cost or would like me to pop along on the viewing to get a second opinion then please do not hesitate to contact me Manoj Patel by email or you can give me a call on 01925 235 338 failing that feel free to pop into the office at 6 Bankside, Crosfield Street, Warrington. WA1 1UP me and my colleagues will be happy to discuss this one with you. 

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