Kingsmills, Inverness, properties have potential for 6.5% plus yield.
There are currently two 3-bedroomed ground-floor flats in MacEwen Drive, Inverness on the market for sale through local solicitors either of which could be a good buy-to-let investment.
In close proximity to each other and advertised at offers over £138,500 and £140,000 respectively, either flat has potential to generate a gross yield of 6%+. Let’s say you made an offer of £140,000 and this was accepted, our experience is that you could expect a monthly rent in excess of £700. A £700 monthly rent would represent a gross yield of 5.99%, but expenditure of, say, £2000 on things like replacing internal doors, upgrading light shades, making the garden attractive, and so on (see our blog on Presentation) could lift the rent towards £750 or more, which would equate to a gross yield of 6.3% plus.
We know nothing of course of the sellers’ objectives but, if an early sale was an advantage and if you were a cash buyer able to close quickly, an offer a little below the asking price might just find favour, particularly with two similar properties in the same street competing for a purchaser. Purchase at £137,500 and a rent of £750 per month would equate to a gross yield of 6.55%.
We haven't seen the Home Reports, which may or may not throw up some negative factors, and of course much will depend on the standard of the kitchen and bathroom, but the marketing photographs suggest that the kitchens, at any rate, are of good quality (one perhaps more recently fitted out than the other).
The Kingsmills area is highly regarded and the presence of local shops and amenities within easy walking distance will be a bonus for tenants.
If you’re looking for a buy-to-let investment in Inverness, one of these might well be worth investigating.