Potential 5.8% return on The Village, Chelmsford

This property on The Village, just off Writtle Road has caught my eye this morning, as I thought it seemed pretty reasonably priced for a 2 bed flat. Having looked at the photos, maybe it could do with a little bit of TLC, maybe a couple of carpets being changed & bathroom sealant being replaced, but nothing major. (Of course an internal viewing is always best to determine what needs to be done) But even so, it has come to the market with an asking price of £152,950. 
http://www.rightmove.co.uk/property-for-sale/property-54139424.html

Bearing mind, this type of property in this area rents for around the £750 pcm mark at the moment, you could be looking at an amazing 5.8% annual return! Even if you spent £5k on it to freshen it up, you could still get a 5.6% return. To me, this property seems like a no brainer on this front. 

But before you jump in head first, on;t forget that you need to investigate what the service charges and ground rent will be, as you should take these into account as well. 

If you would like to know more about buy to let, come on down for a chat and a cuppa, my office is on Duke Street, opposite the back entrance of the council offices