58 Lowell St, Liverpool, L4 4DL
Traditional c1900 mid-terrace house
Accommodation and facilities : 2 beds, double glazing, gas central heating, small area to front, small yard to rear.
Rent and condition. A rent of £4680 p.a has been paid regularly by existing tenant for at least two years and is likely to continue (it is paid direct from the benefits agency). The property is in fairly good condition. There are no significant maintenance problems with the one exception of the front gutter, a lined stone gutter which needs relining and a new downspout (or two) fitting (cost approx £500) . The tenant has not given any attention to the interior of the property so the internal decoration and appearance etc is poor (the internal photgraphs are from 2 years ago, before the current tenant moved in )
Tenancy. An assured shorthold tenancy so the landlord can terminate this at any time on giving 2 months notice but the tenant is hoping to stay in the property indefinitely.
Possibly improvements: front gutter (see above)
The location: In my opinion an average (not the worst, not the best) inner city residential area. It is close to Everton football ground and the shops and with good bus links on County Road; close to a few primary schools
The guide price is £40,000 and my valuation is £38,500. This includes an allowance of £1,000 for immediate repairs. This would give a net return of 9.5% after deducting 20% for annual repairs, management and insurance. It will go for more if investors are happy with a lower return.
Rob Slade 8th November 2015