*High Spec 4 Bed 4 Bath HMO Opportunity* Returns in excess of 17.58%* Close to Teesside University * - North Yorkshire
Description : 26 Mar, 2023
INVESTMENT OPPORTUNITY
Gresham road – Middlesbrough
4 bed, 4-bathroom HMO
with Net returns from 17.58%
Gresham Road - Financial Breakdown – 4 Bedroom – 4 Bathrooms
Purchase Price: £80,000.00
Deposit: £23,420.00 - Finance (75% LTV STL with interest paid for 1st 6 months)
Conversion/Build: £54,726.00* approx. (subject to further onsite visits)
Set up costs/ Design & Build Fees - £14,750.00
Legals Estimate - £1,400.00
Stamp duty - £2,400.00
Survey - £650.00
Furniture and flooring packs can be purchased at an additional cost - £7,661.02
Total Project Cost: £161,587.02
Total Cash outlay: £105,007.02
Projected Rental Income: £110.00PPPW x 4 net of bills (water, gas, electricity) = £22,880 (This is projected rent that allows for a increased energy and increased mortgage interest rates)
Management: £3,369.60 including VAT- (10% fully managed)
Balance of Annual mortgage cost as 1st 6 months paid: £1050.00 approx.
TRUE NET INCOME: £18,460.40 per annum
NET RETURN ON INVESTMENT: 17.58% per annum
NET RETURN ON INVESTMENT AFTER REFINANCE: 28.69%
BASED ON A REFINANCE VALUATION OF £155,000 WE CAN RELEASE APPROXIMATELY £116,250 BY RE-MORTGAGING AFTER 6 MONTHS. AT THIS STAGE, YOU WILL HAVE AROUND £48,757.02 LEFT IN THE DEAL AND AFTER DEDUCTING THE NEW, INCREASED MORTGAGE INTEREST, YOUR NET INCOME WILL BE AROUND £13,988.53 PER ANNUM GIVING YOU A NET RETURN ON CASH INVESTED OF 28.69%!
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