01
Headline Figures
Asking price£170,000
Purchase price£165,000
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.

Craven Street

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
Stamp Duty£5,750
Solicitors£1,250
Refurbishment (including HMO Licence)£55,000
Total Spend£95,000
Refinance After Refurbishment
New Value (Estimated)£242,000
New Value (80%)£193,600
Initial Price (80%)£165,00
Equity Release£61,600
Money Left In£33,400
Net Annual Income£11,461.67
Return on Investment34.3%