I am applying the KISS principle to today’s Edinburgh Property Blog – a really simple buy to let opportunity .... all you need to do it buy the property, ensure it is buy to let complaint, market it and it will be let in a few days as it is the type of property that is in high demand and it is in a very popular area.
It is a 1 bed flat at 23/4 Orwell Place, Edinburgh. Orwell Place is in Dalry so it’s within walking distance of the City Centre, perfect for your trendy folk (writes the old grump!).
This apartment has good accommodation being a lounge, a separate kitchen (which is unusual for flats in the area as kitchen are normally in the same room as the lounge), a good sized double bedroom and shower room. I normally say that shower room are not the best and you are better with bathrooms but in this case it is ok as the sort tenants that would be attracted to this property (younger people without families) don’t mind only having showers and most of the flats in this area do not have showers. There is a shared back garden and on street parking.
The flat looks like it is in lettable condition subject to checking the safety stuff.
Turning to the financials.
The asking price for this property, which is on the market with Hunters Residential is offers over £110,000 so let’s say it goes for £120,000.
Based on our very recent experience of renting this type of property in this area (18 July 2016 to be precise), a rent of £650 pcm should be achievable on this property.
So that gets you to a yield of 6.5%.
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