Price: 125,000 £
*** HMO 4 bedroom - 3 bathroom – 21.23% ROI !!! ***
CASH OUTLAY FROM ONLY £54,950!!
SOLD FULLY TENANTED
This 4 bedroom, 3 bathroom HMO located in Padiham, Burnley is town centre located, close to all major transport links, amenities and will be fully reconfigured and renovated to a high spec/ finish with professional tenants in place.
This includes all furnishings, fittings, white and electrical goods (including washing machine, oven, microwave, fridge freezer) plus cutlery, crockery, pans, etc.
Fully refurbished to a high standard, based on 2 floors with 4 large bedrooms, 2 stylish ensuites, one shared bathroom, and large communal kitchen/diner.
*** Similar properties have been surveyed and this property has been recommended as a professional HMO ***
*** We have sourced, designed, purchased, project managed and rented over 130 houses in the last two years which equates to 520 rooms filled by our marketing department. ***
• Fantastic location for tenants 10 minutes walking distance to Padiham town centre (includes bespoke retailers, restaurants, bars and supermarkets) in close vicinity to major business parks, hospitals, and all transport links.
• 4 bedroom multi let, all double rooms with 2 ensuite, 1 communal bathroom and good size kitchen/ diner area perfect for 4 working professionals.
• Property is ideally located for working professionals, minutes to major motorways to Colne, Accrington, Preston, Manchester, Leeds. Burnley (including UCLan University campus) is only 15 minutes away
• Business parks (inc. Shuttleworth Mead, Business First), hospitals all within close proximity to the property.
• Burnley General Hospital which is one of the largest teaching hospitals in the North West provides further professional and student demand due to the extensive medical and nursing facilities/ courses offered at the University.
• All rooms will be rented at £75 - £80 per person per week
• Property location – excellent location within the town centre
• The property has been previously rented as a HMO to cater for professionals and will be fully regulated and compliant with the local council as a 4 Bedroom – 3 bathroom HMO.
*** FINANCIAL BREAKDOWN – 4 BEDROOM – 3 BATHROOM HMO ***
Purchase Price: £125,000.00
Deposit: £50,000 - Finance (£75,000 mortgage based on £100,000 valuation)
Legals - £1,300.00
Stamp duty - £3,000.00
Survey - £650.00
Total Project Cost: £129,950.00
Total Cash outlay: £54,950.00
Rental Income: £75.00 PPPW (non ensuite) x 2 and £80.00 PPPW (ensuite) x 2 net of bills (water, gas, electricity) = £16,120.00 per annum (based on 4 bedroom – 3 bathroom)
Management: £2,184.00 approx - (10% + VAT fully managed)
Annual mortgage cost/interest: £2,250.00 approx.
TRUE NET INCOME: £11,686.00 per annum
NET RETURN ON INVESTMENT: 21.23% per annum
BASED ON A REFINANCE VALUATION OF £141,000 WE CAN RELEASE APPROXIMATELY £112,800 BY MORTGAGING AFTER 6 MONTHS. AT THIS STAGE, YOU WILL HAVE AROUND £17,150.00 LEFT IN THE DEAL AND AFTER DEDUCTING THE NEW, INCREASED MORTGAGE INTEREST, YOUR NET INCOME WILL BE AROUND £9,209.68 PER ANNUM GIVING YOU A NET RETURN ON CASH INVESTED OF 53.70%.
Please call us for more information on 0161 230 3367.