Advice sought - flat in liverpool centre

[LA46]

Hi All

I'm a new landlord and have just bought a apartment at auction (cash buy) located in the very heart of liverpool, and I'd like to hear from any experienced persons of their impression (have done my 'homework' but am stillslightly nervous!).

To summarise:

- spacious 1-bed conversion of mill building (is clean, contemporary and fully furnished as bought)

- purchase price 55k (flat above is identical and sold for 105k in 2001, however this particular flat sold last for 50k in 2002)

- lease is 125yrs from date (is this low?)

- Is prime location, however is a noisy area with bars etc, but this appeals to certain tenants; flat is on first floor (could be an issue???)

- rent circa £500mth

- service charge £100mth

- severe shortage of rental flats (esp 1-beds) in liverpool right now

- student demand etc.

I looked at houses on outskirts but it seems voids are rising for these and more people want to be city centre.

Any thoughts appreciated.

Thanks

[Mortitia]

Hi there,

125 years on the lease is fine - when it gets to 75 start worrying. High service charges for nowt I expect!

Don't let to a student - instant trashing.

You need to look for a young professional working couple ( 2 incomes mean more likely to get rent paid)

Don't mention noise and bars at any viewings. What you notice and think is a problem they may not see the same way.

Do regular inspections and check out post by Richlist on this site as to finding suitable tenants - USE HIS CHECKLIST.

Mortitia