This property was purchased from auction. It was a two-block flat with 2 x 1-bed.
This property had one tenant in situ; very little work was needed.
A light refurb was done on this unit.
- PURCHASE PRICE: £70,000
- RENTAL INCOME: £11,400pa
- YIELD: 14.25%
- ROI: 35%
This property was purchased as a multi-unit block of two flats with 2 x 1 bed.
It was a cash buy at an auction with tenants in situ, therefore money was generated from day one of completion. The property looked promising from the start as it was already renting for £700 PCM; it was within walking distance to all local amenities and with excellent transport links to the city centre and nearby motorway links to the M62 and M57. Once the sitting tenants had moved out, a light refurb was performed to ensure it was finished to a high standard throughout. The floors were stripped, the walls professionally painted and there were a few minor touch-ups in the bathroom and kitchen, making it attractive to a broad section of the market so as not to alienate possible tenants thus leading to maximum profit.
The property now generates £950 PCM. It was bought for £70k plus a £1.5k auction fee. Ten months later it was refinanced for £80k.