Excellent investment property.
This is the type of property that landlords in Guildford should be drooling over if they are looking to let to students. It is well located to the University (10-15min walk if you cut across the A3 at the fish and chip shop on Southway) and has the ideal layout to convert to a 4 Bed student house if you put a wall between the dining and living room. It is on the market at £250K , the sales particulars state it needs updating. Although hard to tell from the photos I suspect the kitchen will be OK for students and the main job will be new carpets (or laminate flooring) and repainting - probably c£2k. However, check closely when viewing.
Furnish it with a sofa, armchair, coffee table, whitegoods, beds, drawers, wardrobe (if not built in) and maybe desks and you are ready to go.
I urge due diligence on getting the boiler and electrics checked out and then allow for correct smoke alarms / heat sensor for an HMO - but it looks a great opportunity. Should let for £1600-£1650. £1650 vs a sale price of £250k is as good as 8% yield! Obviously you will try to get it for less than the £250k especially if the kitchen needs work, so your yield could be even higher.
You just need to get the timing right as the student market is seasonal but once set up on that regular annual cycle this would let quite easily.
For any advice regarding buying to let in Guildford or general lettings help, please feel free to call me on 01483 537200.
Right Move link:
http://tinyurl.com/ac6ret9
Please note the photos and floor plan and sales marketing details are via Mann Countrywide
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