Conversion of a 3 bed maisonette into a 6 bed, 5 bath quality shared house for working professionals incl shop
Project: Rake Lane
Numbers:
Purchase
Refurb & Furnish
Other costs
All in
Revaluation
£105,000
£100,000
£38,000
£243,000
£285,000
Monthly rental
Expenses incl mortgage
Monthly cashflow
Gross yield
Return on cash left in
£3,150
£1,900
£1,250
15.5%
28.7%
This property is a mixed use building, meaning it has a residential element and a commercial element to it.
Originally, the owner only wanted to sell the flat, as he was using the shop for himself, however, after some negotiations he agreed to sell the whole lot to us.
The flat will now become a shared flat for 6 people. As there is a bus station right in front of the building, it's ideal for local commuters working in the area.
As the property comes with a shop, it is perfect to diversify the portfolio with another income stream.
Works carried out:
Damp proof course
Structural repairs to walls
New windows and doors
New kitchen / diner
Full electrical rewire
Full interlinked fire alarm system
Full central heating system
Plaster throughout
4 en-suites, 1 off-suite
Decoration and furniture
See us in action.
