3 bed Flat For Sale £165,000
Alphington Road, Exeter, Devon

Investors - Are You Looking For A Light Refurb Rental That Could Deliver Up to 7% Yield? This 3 bedroom maisonette may be just what you’re after. With buses to town stopping outside & close to the retail park, it’s going to attract a range of tenants.

It occupies the first and second floors of an unassuming building - the downstairs is currently used by the freeholders as an office.

It has its own private access, a spacious lounge, two double bedrooms and a single bedroom. That makes it versatile and likely to appeal to a range of tenants, including sharers, a couple or a family.

The basics like gas central heating and double glazing have all been taken care of but chances are you’ll want to give it a lick of paint & replace the flooring as a minimum.

It’s a decent blank canvas to start from, with period features like exposed beams that could be restored to create much more impact throughout.

But if you’re looking to maximise your rental return then you should consider upgrading the kitchen and bathroom. That would also open up the possibility of remortgaging at the done-up-value to free up some of your initial investment.

There’s also a sun-trap roof terrace - currently accessed from the lounge window - so you may want to budget for making more of this with a permanent patio door.

It would be realistic to expect around £1,000pcm rented out on a single AST. Depending on your refurb costs it would return between 6.3% - 7.0% gross yield.

Regular buses head into town from outside the front door - with a journey time of less than 15 minutes.

That would make it ideal for tenants who jump on the bus to get into town. It would also appeal to tenants who work at the nearby retail park & business park (they’re less than 5 minutes walk away).

50% ownership of the Freehold for the building.
Leasehold - 199 year lease, from 2006.
Council Tax band B - Exeter City Council
Council tax band: B