Today’s buy to let opportunity from The Edinburgh Property Blog needs a bit of TLC to bring out its full potential.
The property is a two-bed first-floor flat in Essendean Place in the Clermiston area of Edinburgh ..... it’s in a three-storey block of ex-Council flats that were built 60-65 years ago.
It has a large lounge, big enough to have a dining area as well, with sliding doors to a balcony, a fitted kitchen, two double bedrooms and a bathroom which has a shower over the bath. The property has double glazing and gas central heating. In addition, it has residents parking and a private, as well as a shared, area of garden to the rear of the property.
The property is in need of a bit of modernisation (a bit of work to the kitchen and bathroom as well as re-decoration and new carpets (there appear to be no floor coverings)).
In addition, it is worth noting that the property is being ‘sold as seen’. This means that there is less than the normal legal protections on offer by the seller so best you do your homework to ensure that the property is what they say it is.
Looking at the numbers. The asking price for this property, which is on the market with Scot House Move Property, is offers over £105,000; the Home Report values the property at £110,000. Let’s say it goes for £115,000 and you need to spend £5,000 on your ‘TLC’ getting you to a cost of £120,000. The flat should let for around £700 pcm which get you to a yield of around 7%.
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