6.4% return on £75,000 investment..

I am not always keen to recommend going out of town but this currently yields 6.4% return if you don't take into account the ground rent. Its a one bed flat on the market for £75,000 with Newton Fallowell and has a tenant paying £400 pcm. 

That is the amount I would have suggested as an expected rent and depending on the outlook of the flat these can prove popular with tenants. 

http://www.rightmove.co.uk/property-for-sale/property-54049987.html