Each week we have a look through Edinburgh and the Lothian’s property for sale market and highlight a buy to let investment opportunity which offers good value, potential for a decent yield and a safe bet for good long-term tenancies.
Our search is completely independent and we hold no affiliations with any of the selling agents that happen to be marketing our chosen property.
This week we have chosen a property which is located in an ideal location, just off Henderson Row, in Edinburgh's New Town. The first floor property on Perth Street is a great location for renters, given its close proximity many of Edinburgh's highly desirable amenities, including the City Centre for work and shopping and also Stockbridge to take advantage of the many fantastic bars and restaurants.
The property is in need of some renovations, but if done to a good standard, would only enhance the property and make it even more appealing to a busy market, meaning that any money spent on the property would be a wise investment, and would be returned in due course.
The property consists of; Entrance hallway, Lounge/Dining Room, kitchen, bathroom and bedroom. In addition, there are two fairly large cupboards, one off the Lounge and the other off the hallway, which can be the added extra features that many renters look for in a property. Many period features add an essence to the property, which would be sure to have an added draw for potential tenants, including; original cornice in the Lounge, and hard wood flooring through the Hallway and into the Lounge. There is also the possibility of removing the carpet in the bedroom which may expose some further good quality floor boards.
In terms of rental yield, we believe that after purchase and renovations works, the property could obtain a yield of between 5.84% and 6.94%. Although this is not as high as some of our previous suggestions, we believe that the property would benefit from a great deal of Capital Appreciation, making it an ideal property to add to any portfolio looking at a long term return.
The property is currently on the market with Mov8 Real Estate for offers over £165,000 and can be found at https://www.mov8realestate.com/properties/17-1f2-perth-street-edinburgh-city-of-edinburgh-eh3-5dw
If you would like any advice on renting out your investment property or help sourcing your next property, please get in touch with us at Vanilla Property Management, Letting Agents based in Musselburgh, East Lothian.