Parson Cross, Sheffield S5 with 7.1% to 7.6% Yield
Advertised by Blundells, is this two bedroom end terrace house in Southey Crescent, Sheffield, S5.
Located in Parson Cross, this property certainly has some potential. Apart from the bathroom, all the rooms in this house require work to bring the property up to standard.
The kitchen is of a good size and is considered a dining kitchen. The floor, wall tiles and units look very dated, if you were to replace these with something more modern then this kitchen would look very impressive. Staying downstairs, the lounge again is very dated, the carpet would definitely need to be replaced and I would also replace the gas fire with something more modern, with the existing stone surround, this really would add character.
The smaller bedroom could be left as is, but the larger bedroom would certainly need a new carpet.
The bathroom looks to have just been replaced and now looks a very modern and spacious bathroom. Other positives of this property is the detached garage and the rear garden.
If refurbished to a high standard, this property could achieve Â£475pcm. This would mean a rental yield of 7.6% if purchased at Â£75,000. This is not taking into account the cost to refurbish the property. If the refurbishment wereÂ to cost Â£5000, the yield would still be over 7.1%.
Taking into account the asking price, work involved and rental yield, I believe this property is a good investment but if you are looking to buy here, do some research into the area as it will easily rent, but not necessarily to the right people.