Dear Client,

We have secured a Waverley Crescent true 2 bedroom semi at £132000. 

The price on this is probably correct, taking into account it's high spec,  although because there is not much to compare it with a valuer might put it slightly lower or higher.

We successfully manage a house across the road on Waverley crescent, and several others quite nearby.

It is a street mixed with quasi semis, semis, and detached, and many have built extensions.  The proportion of owner occupiers to renters must be very high (I would hazard a guess that it is 70% owner occupied) and I like this street.  It is an attractive street and there is good potential for growth.  It should be able to attract a good quality tenant at perhaps £725pcm since it is in very good  owner occupier condition.

Click on the link below for the agent's particulars

https://www.rightmove.co.uk/property-for-sale/property-80597084.html  

Approximate financials

Purchase price £132000

Stamp Duty £3750 + £350 = £4100.

Intro fee £2500

Legals £1250

Works allow £2000

Survey £350

So allow £142000 approx.

Expected gross income £725pcm = £8700  = 6%

Expected net income allowing 10% management and £750pa average maintenance = 5%.

The market is still strong over here, it was put on the market at £135,000 just this month, and since we know the area well, and we believe in the location,  we got them to take it off the market at £132000 as soon as we could.

We do need, therefore, a quick decision.  It is in my judgement a very good investment, and it should do very well for you, with hopefully minimal maintenance.

Please get back to me asap.

With best regards,

Yitzchok

Mayfair