We have almost secured this property at £88,000 so here are the details - first come first served!
7 Grange st Failsworth M35 0HU
This house is a regular 2 up 2 down mid terrace
The property has 2 bedrooms one double and one single The property seems to be in a good condition and seems not to need much input We estimate a rental income of 550-575 pcm
The agent has advised that the vendor may accept our offer of 88k stc. This looks like a good investment with a decent return in an area where the property values are very much on the rise . It is very hard to still find anything in Failsworth in an ok condition at this price
Please see property details in link Below
Thanks The property is in Failsworth which has experienced dramatic growth over the last 12 months, and it is very hard to find anything in reasonable condition in Failsworth below the ninetys and even £100k. Although the street is predominantly a renting street, it is very well located, being on a quiet side street yet just off the main road having very good communications to Manchester City Centre. It is a central Manchester area, and we have not had any problem renting houses in Failsworth where there is good rental demand. We recommend this property and present below an approximate (but no guarantees!) financial appraisal
Purchase price £88000 Stamp duty £2640 Finder's fee £2500 Legals say £1250 Works say £1000 So total outlay £95390 Expected rental £6600pa = 7% gross yield Probable net rental allowing 10% management and average maintenance £5190 = 5.4% net yield.
So we recommend this property as it should be a relatively hassle free good income earner with good growth potential.
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