General (main property discussion here) - Tenanted house in Stoke-on-trent

Hi, does anyone out there want to buy a really good terraced property in the Smallthorne area of Stoke-on-Trent. Had a great tenant in for 2 years paying £400pcm who is desperate to stay in the property. Got it up for sale with local estate agent but so far only timewasters or make viewings and dont turn up!.Property fully modernised and in regeneration area. Asking price £81950. Contact me if interested. Thanks Joanne

Hi Joanne, If your willing to let it go at BMV Please email me on leedamians@yahoo.co.uk with further details. Regards Damian Stevens

Did a quick search and found 3 houses in that area for less than £80K (£73K, £75K & £79K).

At £82K assuming a deposit of £12K the mortgage (25 years at 6.99%) would be £500 a month, I suspect that you will need to revise your offer.

Alternatively look at increasing rent.

Smallthorne is not a great area at that, tops it would be worth is around 75K

Didn't realise there were so many experts on Smallthorne and Stoke. Anyone doing a 'quick search' can alway find a cheaper property but it does depend on size and standard. My property is much bigger than average and more of a forecourted town house with off-road parking. Next door but one sold 6 weeks ago for £85k. As for the rent,you could get more but I have left it at £400 for now as the tenant has been so amenable about viewings, Hip inspectors, decorators etc.

Joanne

Not trying to be too clever, but this is a Landlord forum and as such people will be looking for the best deal possible... your tenant might be amenable now, but the chances are that if you sell to a landlord at your asking price the rent will increase by at least 50% and the tenant won't be so amenable, but then you won't have to deal with them afterwards.

If a neighbouring property sold for £85K then I suspect it was to someone who plans to live in it, not rent it out.

Didn't want to be a critic, just my observations, but very best wishes anyway.