15 room HMO

0
Ref#: PEN-05829
Stourbridge, DY9
£695,000
1
Ref#: PEN-05829
Stourbridge, DY9
£695,000
2
Ref#: PEN-05829
Stourbridge, DY9
£695,000

Description

Comprises 2 buildings/3 dwellings

One x 5 bed HMO and two x 5 bed flats - Total of 15 rooms

One allocated parking space per room

Great location:-

5 min walk from local train station

2 minutes to bus stop

Close to local amenities

1 mile from popular Merry Hill Retail Park

Recently refurbished to a high standard, all en-suite, sprinkler system throughout, door entry system

All rooms currently let, producing a total monthly income of £6,938 or £83,256pa

Gross ROI 12%

This is a D2V, off market and fully exclusive deal

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Certificate of lawful use

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6 BED READY-MADE HMO 23% BMV

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Readymade 6 Bed HMO 

BMV - 23%

Income Producing With Scope To Increase Income

Market Value £350 000

Purchase Price = £270,000

Finders Fee £3 000 + VAT

Current Gross Income = £27,300 per annum

Potential Gross Income = £34,320 per annum

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For a limited time only we have managed to secure a readymade and income producing HMO close to Maidstone town centre. The property is currently fully let as a licenced 6 Bed HMO over 3 Floors. The property is currently licenced for 10 people and can be easy converted into 2 2x bed flats (in the point of sell). 

 

HMO License Info : Registered of 10 people licence vaild until : 12.07.2021

 

 

Location 

The property is situated to:

- 0.6 miles from Maidstone West (Train Station)

- 0.5 miles from High Street.       

 

Rental 

 

The 6 rooms are currently let out for an average of £390 pcm producing £27,300 annually. 

 

Room 1 – Rented at £85 pw

Room 2 – Rented at £85 pw

Room 3 – Rented at £85 pw

Room 4 – Rented at £90 pw

Room 5 – Rented at £90pw

Room 6 – Rented at £90 pw

            

 

The Vision

 

- To purchase the property for £270,000 and enjoy immediate cashflow 

- Spend £5,000 completing the works  (repainting & new bedroom furniture ) to increase the profit to £34,320 by putting new tenants in (Current room rates are very low for this area)

-  Refinance after 6 month to relase most of capital.

- Split into 2 x 2 Bed Flat (in the point of sell)  

 

Cashflow Forecast – 6 Bed HMO

Rental Income as 6 bed HMO:

-      6 rooms @ £433  / £520 (for couple) average £ = £2,860 

 

Costs to consider: 

 

Mortgage Cost @ 4% = £675 pcm 

New furniture & repaint - £ 5000

Bills £540 pcm 

Management @ 10% £280 pcm 

Maintenance £50 pcm 

Contingency (Voids) 5% £140 pcm

 

CASHFLOW AFTER ALL THE ABOVE COSTS £1,158 pcm = £13,905 per annum 

 

Cashflow Currently producing– 6 Bed HMO

Rental Income as a 6 bed HMO

-       6 rooms @ average £525 = £2,275

 

Costs to consider: 

 

-       Mortgage Cost @ 4% = £675 pcm 

-       Bills £540 pcm 

-       Management @ 10% £227 pcm 

-       Maintenance £50 pcm 

-       Contingency (Voids) 5% £113 pcm

 

CASHFLOW  £673,25 pcm = £8,079 per annum 

This cashflow figures have been calculated after management 

Capital Required To Get Involved: 

- Purchase Price = £270,000

- Deposit @ 25% = £67,500

- Stamp Duty = £11,600

- Legals = £1,000

- Sourcing Fee = £3,000 + vat 

 

Total Capital Required = £84,100 

                                             

The Return On Investment based on an investment of £84,100 = 10% (Managed)

The Return On Investment after redecorating and put new tenants £34,3200 = 17% (Managed)

If buyer is willing to manage himself the ROI will be higher