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The Leeds Road Project
The Leeds Road Project
HEADLINE FIGURES
Strategy - HMO Rental
Purchase Price - £110,000
Refurb Costs - £10,000
Gross Development Value - £140,000
Annual Gross Rental Income - £17,400
Project Details
The acquisition of a 2 bed mid-terraced property on the outskirts of Leeds. The property had a fully compliant loft conversion however building regulations had never been applied for. For a small fee of £700 to the local council to obtain a buildings regulation certificate, this created instant capital uplift of £15,000 in the property. Given the demand in the area for professional house shares, light refurbishment work was carried out to adapt the property in a high quality 3 bed HMO. The property received 33 tenant applications in the first 48 hours of advertising and was fully let post vetting checks within 2 weeks.