|Gross Rents (PCM)||£2,675|
|Estimated Net Profit (PCM)||£955.14|
Taking into consideration void periods, management and tenancy set-up costs, utilities including Council Tax and maintenance.
Chapelfields, Coventry CV5 8DU
Sale completed: October 2019
At time of purchase, the property was a three bedroom terraced house spread over three floors. There were two reception rooms, a separate kitchen and one bathroom. Accommodation was dated, especially the kitchen.
Conversion work was undertaken to create five bedrooms, three of which are en-suite, whilst the existing bathroom was split to provide two further shower rooms. In effect each bedroom has it’s own shower room.
The footprint of the kitchen remained the same but was completely refitted and modernised.
|Return on Investment Calculations|
|Initial Deposit (20%)||£33,000|
|Refurbishment (including HMO Licence)||£55,000|
|Refinance After Refurbishment|
|New Value (Estimated)||£242,000|
|New Value (80%)||£193,600|
|Initial Price (80%)||£165,00|
|Money Left In||£33,400|
|Net Annual Income||£11,461.67|
|Return on Investment||34.3%|