Property Type:
2 Bed semi detached in East Manchester.
Desired Outcome:
Add to a portfolio of single let properties for steady cash flow and projected equity growth.
This property was chosen basically because it was the smelliest house in a good area with a 2 minute walk of a main tram stop into Manchester, it had been on the market for over six months with limited viewings. After two months of negotiation we managed to purchase the property for around 15% below market value.
We completed an eight week refurbishment that saw upgrades to plaster work, electrical wiring, kitchen, bathroom, patio doors, several windows, flooring and decoration throughout.
We had the letting agent view the property around two weeks before completion which led to it being let within 24 hours of completion at the higher end of the rental ceiling in the area.
2021 Update:
Tenants moved out in Feb 2021 as they bought their own house, we could have rented out the property at new market rate of £750pcm but it suited us to sell the property, a sale was agreed within 7 days for £155k.
Before & After Picture’s Below.
The Numbers
Purchase: £95,000
Refurbishment: £10,000
Total: £105,000
2017 New Market Value: £130,000
Rental PCM: £650.00
Sold 2021 – 3.5 Years of cash flow and sale profit of £50k, 47% profit on purchase, 330% return on capital employed.
Please contact us today to see how we can make your money work harder for you.
