This mid terrace 2 bed property is in a fair condition, but does require a partial refurbishment to make it habitable.
An estimated £7,500 to £9,000 will be required for the refurbishment works in addition to an acquisition price of £75,000 – meaning a total maximum outlay of £84,000.
We have managed to secure a net income of £700 per month on this property over a 5 year period as a government backed asylum seeker property investment. The total net income per year is £8,400 giving a 10.0% net yield against cash invested.
The property briefly an entrance porch, entrance hall, lounge, dining room, kitchen and side porch. To the first floor two bedrooms and a bathroom. The property further benefits from a gas central heating system, double glazed windows and yard to the rear. It is located in a popular location just a short walk from Bury town centre and tram links to Manchester, shops and schools near-by.
As an aside, properties in this area which are in a good condition are being marketed for £95,000 to £100,000, meaning the client has an option of exiting the investment with a good uplift in value.