You have to ask the question:
Why is the cost of this house less than the cost of a decent car? Cost is even way less than the value of the materials used to build it.
You often hear experts warning people who are buying very cheap properties in poorer countries not to expect rents to be anywhere near what you get in even poor parts of Ireland. The same rules apply to some parts of UK.
The England north of the Watford gap is a very different place to the greater London area. High unemployment, low wages, population decline. The downturn in the UK is not uniform across the country. A disproportionately high percentage of the hit is being taken by the old industrial areas in the midlands and north.
The person I know who has the vacant properties - I'll give you the figures:
Cost of property (large house subdivided to 3 one bedroom flats) - £95,000stg.
Renovation Costs - approx £10,000stg.
Rent being sought - £50 per week per unit. (£600stg per month).
All are still vacant.
Property is in a suburb of Birmingham within walking distance of commuter train and about 1/2 mile from M6 motorway & 4 miles form Birmingham City Centre. Much better location than somewhere like Burnley.
As said earlier, his previous employer - one of the biggest residential letting companies in Midlands, with over 100 residential properties in the area, has announced that is going into receivership and has laid off a load of staff.