House For Sale £300,000
Overview
Dear Santa, This Year I Would Like A Licensed HMO That’s Close To The Hospital & Delivers 10% Gross Yield. Christmas may indeed come early for one lucky investor with this cashflowing HMO that offers scope to add value then earn higher rental returns.
It's tucked away on a quiet side street that's less than 10 minutes walk from the hospital. It's always sensible to have a "Plan B" so also having the University St. Luke's Campus nearby gives you student options.
It's fully occupied on a 'bills included' basis, with the rooms renting for between 425pcm and 500pcm (the highest rent being achieved for the one room with an en-suite shower room).
The other 5 bedroom rooms share a first floor bathroom along with a small lounge and kitchen.
The layout doesn't give much scope for adding further en-suites but the rooms could all be updated and the furniture replaced and upgraded.
Do this to a high standard with striking design touches (it's currently very, very magnolia…) and you could realistically add another £150 - £200 per room, per month.
If you were looking to add value, it may also be worth considering opening up the lounge and kitchen to create a more sociable space rather than the 2 separate rooms.
It would probably be best to do any major refurb work with the property empty. With this in mind it's worth knowing 5 of the 6 tenancies are currently Periodic with the sole Fixed Term (the en-suite room) going Periodic in February 2023.
The current HMO licence expires in September 2023.
This really is a best-of-both worlds HMO.
It's occupied and delivers a decent return but it's also ripe for a refurb to add value (and therefore has the potential for refinancing) and the scope to earn much better returns.
Interested? Call to arrange a viewing.
Council tax band: D
Dear Santa, This Year I Would Like A Licensed HMO That’s Close To The Hospital & Delivers 10% Gross Yield. Christmas may indeed come early for one lucky investor with this cashflowing HMO that offers scope to add value then earn higher rental returns.
It's tucked away on a quiet side street that's less than 10 minutes walk from the hospital. It's always sensible to have a "Plan B" so also having the University St. Luke's Campus nearby gives you student options.
It's fully occupied on a 'bills included' basis, with the rooms renting for between 425pcm and 500pcm (the highest rent being achieved for the one room with an en-suite shower room).
The other 5 bedroom rooms share a first floor bathroom along with a small lounge and kitchen.
The layout doesn't give much scope for adding further en-suites but the rooms could all be updated and the furniture replaced and upgraded.
Do this to a high standard with striking design touches (it's currently very, very magnolia…) and you could realistically add another £150 - £200 per room, per month.
If you were looking to add value, it may also be worth considering opening up the lounge and kitchen to create a more sociable space rather than the 2 separate rooms.
It would probably be best to do any major refurb work with the property empty. With this in mind it's worth knowing 5 of the 6 tenancies are currently Periodic with the sole Fixed Term (the en-suite room) going Periodic in February 2023.
The current HMO licence expires in September 2023.
This really is a best-of-both worlds HMO.
It's occupied and delivers a decent return but it's also ripe for a refurb to add value (and therefore has the potential for refinancing) and the scope to earn much better returns.
Interested? Call to arrange a viewing.
Council tax band: D
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