Today’s buy to let opportunity is a 3 bed, upper villa on John Street opposite the Bank of Scotland that is being sold by McEwan Fraser Legal. John Street is the main drag into Penicuik.
There is plenty of accommodation including a decent sized lounge, a fitted kitchen, 3 double bedrooms, a bathroom with a shower, gardens and on street parking. The property is in lettable condition and, by the looks of the photos, it has been rented out before. Structurally there are a couple of things I would point out: one the bedrooms is a ‘small’ double (have a look at the photos and you will see what I mean!) and the fact that is an upper villa may put off some people, particularly families with small kids.
Doing the maths. The price is offers in the region of £105,000. Rent of £750 to £800 pcm is achievable on a property like this in the current market which gets you to a 8.6% to 9.1% yield. On top of this, there may be scope for a negotiation on price as, even though the price has recently been reduced slightly, it is on the market for ‘offers in the region of’ and the property has been on the market since March.