This property was purchased as a two-flat block; it had 1 x 2-bed, one bath and 1 x 3-bed with one bath.
The ground floor flat needed a light refurb. The upstairs was converted into a four-bed HMO with two bathrooms.
- PURCHASE PRICE: £100,000
- RENTAL INCOME: £25,200pa
- YIELD: 14%
- ROI: Infinite
This property was purchased as a multi-unit block of two flats. Consisting of 1 x 2-bed and 1 x 3 -bed. The two-bed needed a cosmetic facelift to update the look, along with a few minor works to get the property fit for rental.
Due to the size of the upstairs property, converting it to a four-bed HMO was the obvious choice. The three-bed was refurbished and turned into a four-bedroom high-end boutique style HMO with two bathrooms. This project was fun; we enjoyed the purchase, design, specifications, furnishing and all marketing.
We had great success marketing both the two-bed and the four-bed HMO as they did not take long to fill. Over the years of managing the properties, we have never experienced more than a couple of weeks when the units have been untenanted. Between its clean finish on the bottom flat and its contemporary and stylish design in the upper flat, it has proved to be a trusted source of revenue. For both flats, the regular feedback is that people are astonished at the great use of space as the properties feel expansive.