The property is what we call a mini HMO this is a great model for a few reasons
1) For someone who is on the fence of a HMO and isnt sure if its for them but wants to try
2) easily changed back as a furnised family home
This property is located in a great location in between Newcastle Under Lyne and Stoke On Trent, and is ideally situated for the retail/warehouse employees but also a target market and short work to the royal stoke university hospital. ( hospital staff)
Done up to a very high standard, this is a small mid terrace 2 bed property we do a full renovation, add a internal stud wall, move the stair door way so accesses into the lounge instead of middle lounge
PURCHASE PRICE: £58,000
RENOVATION COST: £23.357
GROSS RENTAL PA: £13,500
NET RENTAL PA: £5356
ROI: 28,91%
CHECK OUT THE BEFORE AND AFTER PHOTOS BELOW
PS- this mini mo strategy isnt the best cashflow but its that boarder between single let to hmo step many want tio take, then many investor go up to a 6 bed hmo once happy with structure
Rememebr on HMOs you pay the bills as well so 1 void would drop the income down by average of £350 pcm
