Today at The Bo’ness Property Blog I am revisiting a property that I blogged about in November 2018 because I believe that there is now a bargain to be had with this property.
Firstly, let me remind you about the property. It is a 1-bed first floor flat in Liddle Drive in Bo’ness. The flat has a lounge, a separate fitted kitchen, a double bedroom and a bathroom with a shower over the bath. There is a shared ‘garden’ area at the rear and on street parking. The flat needs a bit of refurbishment – for example, the kitchen and bathroom are a bit ‘tired’.
So, why am I talking about this property again, I hear you ask? Well, it is because the price has recently been dropped and the owners are motivated to sell the property.
The flat was on the market for offers over £55,000 but this price has recently been dropped to offers over £50,000. On the basis that the owners are motivated seller, you may get this property for a cheeky £52,500 or more likely a less cheeky £55,000. I estimate that refurbishment costs may be £5,000 which would take the property cost in the range of £57,500 to £60,000. I would expect that you could get a rent level of £425/month based on the flat being refurbished which would give you a yield of 8.5% - 8.7%.
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