It's a 2 bed flat in Harrowdene Gardens (one of my favourite Teddington buy to let locations). Now the reason it's for cash buyers only is because it only has a 60 year lease on it and lenders won't consider anything under 75 years as a general rule. Given the fact that it needs work doing to it as well I think they're being a bit over ambitious with the price. I wouldn't offer more than £325k for it. It will then cost you anything up to £20k to extend the lease and then you'll need to spend about £5-8k renovating it. (Don't forget, when you renovate for buy to let its not the same as renovating your own house - only do what you need to do to a decent standard but don't spend on anything that's not necessary as it will just eat into your profits).
http://www.zoopla.co.uk/for-sale/details/36446807
Lets do the figures...If you pay £325k for it, spend £8k on it (worst case) and then renew the lease for £20k, you've spent a total of £353k before fees. It will then be worth in the region of £400-425k by my reckoning which would give you an average profit of around £60k! The rental figure for this would be in the region of £1250pcm giving you a yield of 4.3% - decent for Teddington.
Don't forget, if you don't want to leave that much money in a property you can take a mortgage out on it after you've renewed the lease and owned it for at least 6 months. You can then get some, or maybe even all, of your cash out and either go on a lovely holiday or buy another one! :o)
As always, please do get in touch if you have any burning property questions - happy to help!
Rebecca Smith
http://www.rebeccasmithpropertyservices.co.uk/
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