You'll find owner occupier interest in Parkside, Spennymoor

There's only one property showing on Rightmove as new so far this week-

PARKSIDE, SPENNYMOOR, Spennymoor District, DL16 6SA

http://www.rightmove.co.uk/property-for-sale/property-53096759.html

It's not actually new to the market, but when a property is reduced in price by a certain amount (I think it's 10%) then it appears as new on the website. It's a useful tool for estate agents to get an existing property some more exposure.

This one is being marketed by Dowen and is available for Offers In Excess Of £145,000. It's a 3 bedroom detached house on Parkside, which is always a popular location as long as the price is right.

The agent describes the property as-

"An EXTREMELY MODERN and SPACIOUS three bedroom detached property which has a "WOW FACTOR" kitchen as well as EN SUITE FACILITIES, ENCLOSED REAR GARDEN and a GARAGE."

From the photographs and description it looks like there's no real areas to renovate, repair or decorate to have the place ready for tenants, but you'll obviously have to view the property at least once to confirm this.

There are 6 house sales showing on the nethouseprices website for Parkside-

http://nethouseprices.com/house-prices/streets-details/county%20durham/spennymoor/parkside/dl16/6sa/parkside,%20spennymoor,%20county%20durham

None are for detached houses but none are in excess of £125,000. The most recent sale on the website is 

20 Parkside, Spennymoor, DL16 6RX Semi Detached, Leasehold, Non‑Newbuild

£87,500

27th March 2015

I would think that this property would rent out for somewhere between £475 and £550 per month. This would give an annual rental return of somewhere between 3.9% and 4.5%, based in the asking price.

On this basis you may want to negotiate hard on the asking price, but bear in mind that it's advertised as 'Offers In Excess Of.'

Does this Caldermere property have investment potential?

This 3 bedroom detached house in Caldermere has come into the market this week-

CALDERMERE, SPENNYMOOR, SPENNYMOOR DISTRICT
http://www.rightmove.co.uk/property-for-sale/property-47345912.html

It's on at offers in the region of £144,000, which is still fairly competitive for a 3 bedroom detached home in Spennymoor.

I haven't seen the property myself, but it being detached, there is often an opportunity to extend when buying detached.

Looking through the estate agents poor descriptive term of "immaculately presented" (what is that supposed to mean?) it looks like a property that's been taken care of. You would need to go and see it before making any conclusions in this area, but a low or no maintenance purchase will make life easier.

I would expect a rental return of between £550 and £600 per calendar month, which is a gross annual return of between 4.6% and 5%, which is probably a little on the low side for investors, but is still a solid investment and a good buy in a popular location.