This property on Lucas Street in Woodhouse is a great opportunity for anyone looking for 'a project' and to add immediate value to a property.
It's currently a 4 bed vacant student property, but has easy potential for my favourite way of adding value - convert the basement to add an extra 2 bedrooms. It's on for a guide price of £145,000 in the auction, and the sale method is by 'modern method of auction' which basically means you've got 28 days in which to arrange your finance and exchange contracts, as opposed to the traditional method where you've got 28 days to complete.
Once refurbished, then as long as it's to a high standard, you should be able to get £85 per person per week, or £26,520 per annum - we manage to achieve this on many of our Woodhouse properties now as the area becomes increasingly more popular to students. With a potential refurb cost of around £60,000, then as long as you can secure a purchase under £200,000 then you're looking at over 10% yield on your investment. In the current Leeds student market where 8% yield is becoming the norm when purchasing, I'm sure you'll agree that's a sound investment.