On my travels online this morning I came across this rather interesting property for sale by public auction at a Guide Price of £190,000. The auction will be taking place on Wednesday 28th September via Hollis Morgan.
http://www.rightmove.co.uk/property-for-sale/property-55698904.html
Within the advertisement the agent makes reference to the potential of converting the property into apartments (subject to the necessary planning permissions). Having taken a quick look at the floor plan I would suggest that you might be able to create a 2 bedroom garden apartment and a first floor one bedroom apartment within the main building.
With properties in this area in high demand by tenants, I would anticipate receiving a rental of £750pcm for the 2 bedroom flat and £625pcm for the one bedroom.
Even allowing £50,000 for conversion and a purchase price of £220,000 this would offer a yield of 6.11%.
I understand that this is not going to appeal to everyone as not all of us are keen to take on a project. However with the high yield available together with the opportunity to re-sell at a profit this one just had to be shared!
If you would like any advice on a particular property you have seen and want and honest opinion on what it would rent for, feel free to pop the web link on an e-mail to me m.wheeler@heritage4homes.co.uk or call the office on 01275 840600.