Here is some investment purchase advice from our Senior Property Investment and Market Advisor, Rhys Owen.
Flats are always popular with prospective tenants; especially two and three-bedroom flats like in this property.
The two-bedroom flat currently brings in £600 per month. That's low for a two-bed, especially one with access to a rear garden. With some improvements to the flat and the garden made more inviting, it would bring in £800 per month.
As for the three-bed, well we're always desperate for three-beds because there's a huge shortage of them and big demand, so it would comfortably rent for £1,100 per month with improvements (currently £960).
I'm not talking huge, expensive improvements here either. The flats are already of a decent quality, but they need to be taken up a few levels and given some TLC.
With my projected rental figures, that's an income of £1,900 per month or £22,800 per year.
My advice would be to convert the property to 2 x two-bedroom flats. Finished to a high standard, they would comfortably achieve £800 each per month.
Two-bedroom flats fly off the shelves due to high demand and limited supply, so I predict they would be occupied all-year-round, bringing in £19,200 per year.
The calculations work out the same as a five-bed HMO at £350 each per month (based on two half-rent months), but there's far less competition within the two-bedroom market...
Please note that CPS Homes are not the marketing agent for these properties, so I cannot arrange viewings on your behalf, but I'll gladly assist from a lettings perspective.