Haughton Road, Sheffield S8 with 6.5% Return
Although somewhat dated, with some modernisation this property has fantastic potential.
Every room is old-fashioned, so I would advise a full refurb of this property. To bring this property to a very high standard would cost in the region of Â£10,000 – Â£15,000.Â So with the cost of the works taken into account, a total spend of no more than Â£140,000 is to be expected.
On the rental market, this property is likely to achieve Â£700pcm after the property has been modernised. This would equate to a yield of 6%, which is a good yield taking into account the total spend. If the works to modernise this property can be done under budget, the yield could be as high as 6.5%.
This property is in a very popular location, so I would expect this property to sell quickly.