Parklands Property with Garage Let Separately

I spotted this property this morning on Rightmove as its popped up as being reduced and would making a cracking investment with the rental figures its achieving!
It’s a two bedroom first floor maisonette situated in the sought after area of Parklands, which also has a garage that is let out separately.  The accommodation looks to have been modernised, with recently a fitted kitchen and new bathroom, its got neutral décor and carpets too.
It’s being marketed for sale with Horts; a local estate agent in Northampton and they say the maisonette is being let out for £650.00 pcm and the single garage is let for £50.00 pcm totalling £700 pcm.
The marketing price is £115,000, which means if you paid the full asking price and calculated the yield on the rental income of £700.00 pcm, you would be achieving a fantastic 7.3% return!
However, Horts have noted in the particulars, that this property has a term left on the lease of approx. 57 years, but the vendor has been advised that the owner can re-new the after a 3 year period of ownership – so the cost to renew the lease would need to be considered with in your purchase!
This is the link for the property:

If you are looking to invest in Northampton why not give us a call here at Northwood for some impartial advice about what to and what not to buy on 01604607080.  

I would love to hear your views

This site uses Akismet to reduce spam. Learn how your comment data is processed.