Semi-detached property in Deneside has investment potential

There seems to have been a small exodus of Spennymoor estate agents from Rightmove. There's nothing showing uploaded for the last three days. I've gone to the new estate agency property portal called On The Market, and found this property-

https://www.onthemarket.com/details/1198345/

It's a 3 bedroom semi-detached house on Deneside with an asking price of £69,000. The estate agent in question is a Spennymoor Property Blog regular, Dowen. As an agent with a presence in Spennymoor town centre, Dowen get their fair share of properties.

They describe this on as spacious, in a quiet location with pleasant views to the rear. And they're right! The property itself looks lived-in and well-looked-after but is obviously quite dated. To buy and let this out to potential tenants, you will probably want to update the kitchen and possibly the bathroom. From the photos and description alone, everything else seems a lick of paint away from going to the rental market.

According to the nethouseprices website, the average selling price for a property in Deneside is £57,984 -

http://m.nethouseprices.com/soldprices/property_results?street=DENESIDE&town=SPENNYMOOR&outcode=DL16

The most recent, and possibly the most relevant sale is that of number 65 in March 2014 for £70,000.

Regular readers of my blog will know that this is the point at which we loom at the numbers. I would expect this property to achieve somewhere between £395 and £450 per month. This equates to an annual return of between 6.9% and 7.8% based on the asking price. Taking into account the fact that you may have to update the kitchen and bathroom, this is a reasonably healthy rental return for an investor.

It's probably well worth a look and an offer, based on the information you can gather from the estate agent on the On The Market website.