On the 15th of February Springbok Properties brought to market a 2-bedroom mid-terrace property on Lumn Road in Hyde.
Judging by the marketing of the house a partial renovation will be required, mainly in terms of cosmetic works, however internal inspection would be recommended as it does look like the kitchen could do with being replaced and there are no internal photos of the bathroom.
Properties on the road in average condition have been selling in the region of £125,000 whilst high-quality finished houses have achieved over £130,000 in recent history, so whilst small there could be a flip opportunity.
However, for us, the main attraction here is the rental return. We would expect to be achieving in the region of £600 a month, so based on the asking price you could be recording over 7% in gross yield terms. Obviously, refurbishment costs etc would need to be taken into account, however even at £120,000 this would create a 6% return.
The advert can be found here but as always please don’t hesitate to get in touch on 0161 427 0733 if you would like to discuss any rental or investment properties.