Bargain property investment?

Ivrytwr3

Hey all,

I have been watching the below flat for a few months now. I used to live in and around this area and know it is in the 'nicer' part of the area. What i know about the property:

a. It is a top floor flat, recently decorated, blah, blah, blah.

b. It is literally 5 minutes from the A1, yet far enough away to not hear/be be bothered by it.

c. They have had offers from the local industries wanting to rent the flat for visiting execs etc, but have refused as they want to sell (retiring couple).

d. They have REFUSED to sell/let to single young males as they are firm friends with the other block occupants and do not want to spoil that relationship by getting in 'troublemakers'!!!

I know all this through friends of friends of friends etc

The flat was originally up for £73k, but has now gone to auction with a starting price of £49k and has only 2 days left to go (obviously their expectations have had to drop if they realistically want to sell!)

I am very tempted to bid as i see this property as an excellent BTL investment, which we could purchase with a minimal mortgage.

What do others think:

http://www.zoopla.co.uk/property/27-bede-crescent/newton-aycliffe/dl5-5hb/6906222

http://alisondyson.com/html/27bedecrescent.html

http://www.iam-sold.co.uk/properties/370a6138710141339323e09b47c491af.html

Bosun

I guess it all depends on the 'rentability' - ie how easy are these to rent and what can you realistically achieve in rent?

If you can rent it for >£400pcm I would think its pretty good deal if you can get it for maybe less than £60K, but check out the management and Ground rent charges first as these can really eat into the profit on a Leasehold property!

I suggest you speak to a few good lettings agents to get their opinion - Good luck!

GAH

Good Luck bidding, as long as the rentability and figures stack up.

Got to say though, cant understand why they wouldn't to sell to a young male, as if someone buys it has a buy to let, they may just let it to a young guy or even let it through the council.