Yep, my jaw dropped too when I found this property in Croydon.
It’s listed as a 3 bed flat by Streets Ahead. The rooms look like they are all good sizes, and its clear that the property is in need of some renovation (especially the kitchen).
Why is it so cheap, well a few reasons:
- Absence of Freeholder. Basically, they cannot locate the freeholder.
- Banks will not lend on it.
- Knowing the above, it will be hard to sell in the future.
Now remember, are you looking for long term, easy money? All property will appreciate, of-course, but this property is for that investor who wants to make a nice long, steady income from their investments. And boy, will you make some money on this one.
Asking Price: £150,000,
Rental Price: £1200pm
Money back: just over 1 year, then £1200pm in your pocket thereafter. Wouldn’t mind that!
On top of that, and bearing in mind the location of this flat, imagine the rental price in 5 years. Or 10 years, when Croydon has Westfield’s up and running and all the developments have completed, you will be seeing £1900, £2000 or £2100+ PER MONTH.
That will be nice for your wallet!
No Risk, No Gain!
If you would like a second opinion on this property, after speaking with the Streets Ahead team, please give me a call – Hav – 0203 761 4334