31% BMV Terraced property with 9% Yield, Cornwall Gardens, Hull HU3 3AU
Gross Income £5100 Per Annum
£3000 Sourcing Fee
The property is in good general condition but does require some carpeting and an internal door cost £1k.
2 bed terraced house – Bread and Butter Buy To Let in a great area.
For a short period of time we have managed to secure a great BMV property with a tenant already in place paying £425 per month.
We have a relationship with an agent in the area that could manage the property on an on-going basis making it a hands free set and forget investment.
It’s also in an area that has benefited from a recent council upgrade scheme and because of this has had new facias, guttering and a new brick wall with a gate courtesy of the council!
The internals are in good order.
Buy the property and re-finance after 6 months to recover all of your money out of the deal, then sit back and enjoy the profits.
The property currently has tenants in it that are paying £425 PCM the tenants would look to stay in the property.
The property is in a great location just a few minutes walk from the Hull and East Yorkshire Hospitals and the Kcom Stadium, a short walk in the other direction gets you to the docks and waterfront.
There are a lack of local comparables of similar properties, however the one below which is almost identical and in a similar street a couple of streets away recently sold for £57k
The agent we have spoken to has confirmed the property would be worth up to £60k, we would suggest putting a mortgage valuation in at £60k.
Mortgage @ 5% = £125
Management @ 10% + Vat (Optional) = £42.50 pcm
NET CASHFLOW (Managed) = £362 pcm = £4,344 PA
Capital Required to get into deal
Purchase Price = £40,000
Deposit @ 25% = £10,000
Stamp Duty = £1,200
Legals = £1,000
Sourcing Fee = £3,000
This property was reserved in 2 hours, to avoid disappointment join our priority investor list.