House For Sale £400,000
Overview
Tenanted HMO With Scope To Refurb, Refinance Then Command Higher Rents. This close-to-town six bedroom terrace could earn more per room following a freshen-up.
The good news is it's fully occupied so you'd get the rental income whilst lining up contractors and planning the refurb.
There's two ground floor bedrooms, three on the first floor and one on the top. They command between £450 and £525 per room per month (the highest is for the ground floor room with an en-suite).
As for communal facilities, there's a spacious kitchen / diner on the ground floor and a separate bathroom and shower room on the first floor. They could all really benefit from some tlc.
Based on paying the asking price and the current rent payments it would deliver 8.6% gross yield. But there is potential to earn significantly more.
If you invested in the property to upgrade the communal areas and bedrooms it could be possible to attract a higher rent from tenants or students.
Before investing heavily it may be worth looking at the layout to see if there's another way to configure the property.
You should also consider whether some of the rooms could be upgraded with en-suites. There's certainly floorspace in the top floor room, if you could make it work with the eaves.
Clearly you'd need to do your own research but based on providing a higher quality HMO, it may be possible to achieve between £600 - £700 per room.
The other advantage of making improvements will be the chance to potentially refinance based on the higher done-up value.
It's less than 10 minutes walk to the High Street and round the corner from several new student blocks. For comparison, students are paying over £155 per week to live in the nearby Depot.
So the location gives you options. Post-refurb you could look to attract discerning town centre workers or students.
As it's located within an Article 4 area, the fact that it's currently being operated as a licenced HMO (the current licence expires Feb 2025) is crucial. You couldn't buy a residential property this close to town and turn it into an HMO without first seeking planning permission from the council.
Are you interested in a cashflowing, licenced HMO that's only minutes from town? If so, call to arrange a viewing.
Council tax band: B
Tenanted HMO With Scope To Refurb, Refinance Then Command Higher Rents. This close-to-town six bedroom terrace could earn more per room following a freshen-up.
The good news is it's fully occupied so you'd get the rental income whilst lining up contractors and planning the refurb.
There's two ground floor bedrooms, three on the first floor and one on the top. They command between £450 and £525 per room per month (the highest is for the ground floor room with an en-suite).
As for communal facilities, there's a spacious kitchen / diner on the ground floor and a separate bathroom and shower room on the first floor. They could all really benefit from some tlc.
Based on paying the asking price and the current rent payments it would deliver 8.6% gross yield. But there is potential to earn significantly more.
If you invested in the property to upgrade the communal areas and bedrooms it could be possible to attract a higher rent from tenants or students.
Before investing heavily it may be worth looking at the layout to see if there's another way to configure the property.
You should also consider whether some of the rooms could be upgraded with en-suites. There's certainly floorspace in the top floor room, if you could make it work with the eaves.
Clearly you'd need to do your own research but based on providing a higher quality HMO, it may be possible to achieve between £600 - £700 per room.
The other advantage of making improvements will be the chance to potentially refinance based on the higher done-up value.
It's less than 10 minutes walk to the High Street and round the corner from several new student blocks. For comparison, students are paying over £155 per week to live in the nearby Depot.
So the location gives you options. Post-refurb you could look to attract discerning town centre workers or students.
As it's located within an Article 4 area, the fact that it's currently being operated as a licenced HMO (the current licence expires Feb 2025) is crucial. You couldn't buy a residential property this close to town and turn it into an HMO without first seeking planning permission from the council.
Are you interested in a cashflowing, licenced HMO that's only minutes from town? If so, call to arrange a viewing.
Council tax band: B
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