Renovation project in Shifnal! A rare opportunity!
You don’t come across these too often!
I know this particular road very well in Shifnal. In fact about 6 years ago, I was involved with a project very much similar to this one which worked out very well.
Whilst most might not see this as a typical “buy to let” investment, it is a property (if done properly) where you should benefit from both capital uplift and a steady rental yield.
The main issue on this particular street is parking, however given the proximity to the high street, schools, and train station, who needs parking!
At £129,950 this seems like a bargain! In my opinion, If you spent £20,000 putting this right, there is no reason why you couldn’t achieve at least £180,000.
We let a 3 bed, fully refurbished, on the same street, for £700 per month. I would expect to let a 4 bed, fully refurbished for £850 pcm.
If you were to purchase at £129,950, spend £25,000 on renovation costs and buying fees, you could expect to achieve a tasty 6.5% gross rental yield, plus the immediate capital uplift.
This won’t hang around long!
The property is on the market with Fields of Shifnal. I suggest giving them a call to have a look!
I am always reviewing the local property market, if you would like some guidance/opinion on “good buys” or the property market in general feel free to give me a call on 01952884404.