7% return on £50k investment in Melton Mowbray

We have recently let a bedsit in this block for £295 pcm and while I was undertaking the photographic inventory I realised that the bed sit across the corridor was still for sale. 

It is on the Market for £50,000 with Harrison Murray. It was first listed in May 2015 and looks from the pictures to be in good order. Even if it requires a new carpet and a little updating it is not going to be a big expense. 

I think it would let easily for £295 pcm and this would see a potential yield of 6.4% if purchased for the asking price.

http://www.rightmove.co.uk/property-for-sale/property-59078669.html