This mid terrace 2 bed property is in a fair condition, but does require a partial refurbishment to make it habitable.
An estimated £5,000 to £6,000 will be required for the refurbishment works in addition to an acquisition price of £55,000 – meaning a total maximum outlay of £61,000.
We have managed to secure a net income of £585 per month on this property over a 5 year period as a government backed asylum seeker property investment meaning a total net income per year of £7,020. Taking into account an estimated 10% to manage the property, the net result is a 10.35% net yield against cash invested. Should you opt for self management, the net yield is over 11.5%.
The property comprises of an entrance porch, entrance hall, lounge, kitchen-dining room and a kitchenette. To the first floor two bedrooms and a bathroom. The property further benefits from a gas central heating system, double glazed windows and small yard to the rear. It is located in a popular location just a short walk from Wigan town centre and train links to Manchester and Liverpool with local shops and schools near-by.
As an aside, properties in this area which are in a good condition are being marketed for £65,000 to £75,000, meaning the client has an option of exiting the investment with a good uplift in value.