Dundas Street, Spennymoor
http://www.rightmove.co.uk/property-for-sale/property-37229916.html
It's a 2 bedroom flat on the market at Offers In the Region of £89,950. It looks like quite a stylish conversion and the estate agent described it as-
"CITY LIVING AVAILABLE IN SPENNYMOOR
A fantastic opportunity to purchase this unique ground floor apartment in a characterful building."
The estate agent is called Venture Properties and is based in Durham City, not based in Spennymoor. As with some of the properties I feature on here, the photographs and the description show a property that needs little or no work to have it ready to rent out. I think that rental demand for it would be strong as I agree with the estate agents - the apartment is akin to one you would normally find in a bigger city. I'm not sure why there have been two photographs included of the front door (one of it open and one of it closed) but generally the photographs show a well-maintained flat.
I'd expect a rental return of between £450 and £500 per month. This equates to a gross annual rental return of somewhere between 6.0% and 6.7%, based on the asking price.
This is a good, solid return on a residential property investment and I think that you could make a good long-term return on this property. There may also be a little play in the price. Nethouseprices show 2 properties sold in the street, but both freehold houses-
http://nethouseprices.com/house-prices/streets-details/county%20durham/spennymoor/dundas%20street/dl16/6ar/dundas%20street%20spennymoor
Comparing purpose-built 2 bedroom flats in Spennymoor, we have asking prices from around £60,000 to just under £100,000 so this one is towards the top end of that.
It's well worth a look.
