Large 3 bed end terrace in Hull. On its own it will attract rent IRO £450 pcm but it is in an area heavily populated with students and can easily accommodate 4 student bedrooms (utilising one of the 2 ground floor reception rooms). First floor bathroom and has the added benefit of a ground floor wet room to facilitate this., (with shower, toilet and sink) with utility room inbetween this and kitchen. ( My research shows that a HMO Licence should not be required as only 2 floors but please do your own DD). Student rents will be £250 per month per person/room so work out the Yield on that.... (9% Yield on 'normal' rent and a whopping 15% Yield on HMO and that's allowing for it to be empty for 3 months in the summer....)
The Property has GCH and partial double glazing which is upstairs, and front door was replaced with hardwood door approx 2 years ago. Property has been Re-Roofed.
Mortgage would be £155 pcm based on TMW 75% LTV product.
OR: £262 pcm using TMW 80% LTV product (Potential for Cash Back using Creative Finance).
Even using the 'Normal' Rent of £450 pcm this will generate a monthly Positive Cash Flow of £295 or £188 respectively.!!!!
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