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A three-bedroom property has gone up for auction with a guide price of just £5,000 – the same price price as a ten-year-old Fiat, Louis Vuitton luggage or bulldog puppy.
The terraced flat in Hartlepool, County Durham, comes with tenants renting at £500 a month – meaning landlords could rake in an annual £6,000 and pay for the house in less than a year.
The two-storey property boasts an entrance hall, lounge, dining room, kitchen, three bedrooms and a family bathroom.
The home, in one of the most deprived local authorities in England, is one of six being auctioned by Royal Estates, Birmingham.
Valuers said it was perfect for first time buyers who could ‘evict the tenants if they wanted’ – admitting it ‘sounds a bit mean’.
A three-bedroom property has gone on sale for just £5k on St Oswalds Street, Hartlepool, County Durham – the same price as a ten-year-old Fiat 500 Hatchback or a Louis Vuitton vintage suitcase
The property comes with tenants who rent at £500 a month meaning landlords could rake in an annual £6K and pay for the house in less than a year. Pictured: The living room is spacious and contains a fireplace and a grey carpet
The kitchen shows counter tops, cupboards, a radiator and exposed wooden floor that could be transformed by sanding them down and transforming them into modern flooring
A French bulldog and a Louis Vuitton suitcase also cost a similar amount as the home.
But analysis by Rightmove shows that properties in Hartlepool were sold on average at £150,288 over the last year.
The majority of sales in Hartlepool during the last year were terraced properties, selling for an average price of £86,505.
Semi-detached properties sold for an average of £142,287, with detached properties fetching £266,258.
The house boasts an entrance hall, lounge, dining room, kitchen, three bedrooms and a family bathroom
Brendan Pearce, lettings valuer at Royal Estates, Birmingham, speaking about the St Oswalds property, said: ‘The price is so low because it’s an auction and we want people to be interested in the property.
‘If someone actually buys it for £5,000 in the auction they’ve found a gold mine.
‘It’s perfect for first time buyers as they can get a bargain through auction and evict the tenants within two months, which sounds a bit mean, but you can.
‘Or, if you are an investor wanting to add more properties to your portfolio you already have an income stream.
‘It’s a really nice property and well-looked after. There’s a stigma that auction houses are bad properties but that isn’t the case anymore.
‘Auctioning is more about competitive bidding where people can get a good price and the vendor can sell the property easier than traditional sales and have the money cleared within 28 days.’
It is also a mere stones throw away from Hartlepool marina and local amenities. Additionally, the home is only 0.7 miles from Hartlepool Station so new owners could be in the nation’s capital within four hours. Pictured: The family bathroom
It is close to Hartlepool marina and local amenities and only 0.7 miles from Hartlepool Station so new owners could be in London within four hours.
The auction set to kick off on Monday, May 16 at 12pm is subject to an administration fee, the greater of £2,500 plus VAT or 1.75% plus VAT of the purchase price, which is payable at the end of the auction.
The deposit for exchange of contracts on this property is 10% subject to a minimum of £ 10,000. The completion period for this property is 28 days.
Source: Daily Mail