This 5 bed on Burchett Terrace in Woodhouse is on the market for £160,000, and is currently empty. It has fantastic potential for developing into a good quality 6 bed, which if done to a high enough standard would rent for around £79pppw, or £24,648 per annum.
The basement is already converted so just needs some alterations to convert it into two decent sized bedrooms with Jack and Jill bathroom. The rest of the house really doesn't need any structural change, just a complete refurb with a new kitchen and bathroom, get rid of the dreaded wood chip wall paper and replaster where necessary, LED lights in the communal areas, re-decorate throughout and new carpets and furniture.
I reckon you could easily do all this for £25,000, so if you paid asking (which is becoming more of a challenge lately!) then with a total outlay of £185,000 that's a fantastic return of over 13%.
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