3 Bedroom Terraced Property in B25 with Potential 6.6%+ Gross Rental Yield
Posted on Nov 17, 2016
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This property located on Berkeley Road in Yardley ticks all the boxes for me as a potential investment property.
The three bedroom Mid-Terrace is currently being marketed by an on-line agent called emoov for offer in excess of £115,000.
For this to stack up as a worthwhile investment, I would say to try to pick it up for the £115,000. The property description is very basic and I have had to work my numbers out without having the full details.
Should the property have up to date electrics and gas central heating I would look to budget around the £7,500 mark to install a new bathroom, kitchen units, decor and flooring throughout. Given the condition of the property on the photos, I would guess that the electrics will require updating and the property more than likely has the warm air heating system. Therefore I would allow up to £12,000 on the refurbishment which was the amount we recently spent on a similar project.
Once the refurbishment has been carried out, we would look to achieve £700 PCM on this house. Again this rental amount blows my mind at the moment as 18 months ago we would have achieved around the £575 PCM on this road.
I really believe that Birmingham is a fantastic place to invest at the moment, this property in particular is located close to the A45 (Coventry Road) and the Center of Birmingham can be reached in as little as 10 minutes.
My thoughts on the area are being mirrored by the fact that I am being approached by many overseas investors and London based Investors who are looking to pull money out of the Capital to invest in Birmingham, this has also been backed up by the fact PricewaterhouseCoopers recently reported Birmingham as the sixth best place in Europe to Invest!!
As you can tell I am a very proud Brummy at the moment!
Should you have any property related questions or require a second opinion on a property purchase, please do not hesitate to contact me on 0121 742 0404 or 07540 462 033.
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Partridge Homes and in particular Charlotte and Nicky have been extremely helpful and professional in there approach to helping with our Buy to Let property. They coordinated all the viewings were excellent in providing feedback and kept us updated on a timely basis.
They were always professional with a very personable approach for both prospective tenants and ourselves. I would have no hesitation in recommending Partridge Homes to others.
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Thank You for all of the help and support in buying the property on Heybarnes Road. Excellent Customer Service, thank you very much.
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I purchased my first house in August 2014, the team at Partridge were great and managed the whole process for me in a very efficient manner. I would definitely recommend Partridge Homes to anyone looking to buy in the area.
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I had previously placed our property for sale with another local estate agent. We had no luck with them and was then recommended to use Partridge Homes by a friend who had recently sold with them.
I have to say that matters took a turn for the better after I contacted your company. Your marketing techniques were far more proactive, and more people came to view the house over a short period of time which has resulted in a quick sale and completion. I was also impressed with the quality of viewings you sent our way- it was clear that your team focussed on good quality qualified viewings.
Selling property is complicated and I appreciated your patience in explaining all the details to me and keeping me up to date throughout the process.
Finally you saved us £1000+ compared to the first agent we had signed up with- plus we managed to get that Sale Agreed Sign outside.
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We have dealt with Partridge homes since Jan 2015 and have found them to be professional and helpful in all aspects of our enquires. Paul has been most helpful when we have needed his support and help in resolving any issues we have had. Would recommend this company and there services to anyone seeking to buy or rent a property. A very good family run business highly recommended.
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It's actually a pleasure to recommend Partridge Homes. I've used several Letting Agents over the last 15 years as a landlord and they are (by quite a distance ) honestly the best company I've used. It's quite rare to find an agent that will just do what's expected , Partridge Homes really went the extra mile and located an excellent tenant and are currently marketing another property and so far have had quality viewings and arranged everything. Keep up the good work
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