When it comes to cheap property, more often than not, you’re buying a bag of bricks and bones and a whole heap of trouble to sort out. So, when I spied this two bedroom terrace in Hartlepool, Durham going under the hammer with a guide price of £10,000, I assumed the same…
That was until I saw the pictures of the interior – which unless the agents have taken extremely deceptive pictures (not unheard of!), shows this property in a pretty good light.
The kitchen and bathroom look modern, it’s painted neutrally throughout, it’s EPC is a D63 and states it’s fully double glazed with central heating. This to me, doesn’t look like a Homes Under The Hammer job where you unnecessarily rip out everything and start again as if money flowed from a tap, but – if this information is to be believed – this place looks ready to go.
Admittedly, when you get there you may uncover a massive amount of issues (that’s why it’s better to always view an auction property before buying it), but on the face of it, this looks in clean and tidy nick and the carpets look almost new.
Sheriff Street is located in a regeneration area in Hartlepool, which frankly means it’s not going to be the best, but with rental demand appearing pretty good (it’s within 10 minutes walking to the town centre) and average rents in the area around the £375 per month mark, that means on a purchase price of £10,000, you’re looking at a gross yield of 45%!
Even if you spend 50% over guide and secure the property at £15,000, you’re still looking at a gross yield of 30%. Plus, prices in that street seem to hover around the £25-45,000 mark (depending on how much work is required), so if this one is pretty much ready to roll, I think the guide price looks attractive.
96, Sheriff Street, HARTLEPOOL, Cleveland, TS26 8ET is being sold at auction on 9 March, for more information contact the auctioneers.