Today’s buy to let opportunity from The Edinburgh Property Blog is one bed flat in a well maintained traditional tenement.
The flat is a top floor, one bed flat in Wardlaw Place in Gorgie. It has a lounge with a kitchen as well as an interesting dining area off it, a double bedroom and a shower room. The property has double glazing, electric heating, a shared garden at the rear and unrestricted parking outside. Although the sales advert says that the property ‘would benefit from some refurbishment’, the pictures make it look as if it would be ok to rent out so worth checking this out at your viewing.
A couple of points to be aware of. The flat is on the top floor of a tenement so if there are (communal) roof problems, this flat is likely to be one of the first to be impacted. In addition, the property has electric storage heating which is less attractive to tenants than gas central heating. These are likely to be reflected in both the purchase price and the rent levels achievable.
Turning to the financials. The asking price for this property, which is on the market with Mov8, is offers over £115,000 so let’s say it goes for £130,000 The flat should let for around £625 pcm which get you to a yield of 5.8%.
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