The Angled One : 5 bed HMO
Our second professional HMO investment, although this property refurbishment was completed alongside Walkden Road. Before we purchased this investment property, it was being used for illegal drug production so let's just say we’ve improved the tenant profile of this property drastically!
A lot of damage had been done to the property by the previous occupiers which scared off a lot of other buyers and property investors however, we saw it as an opportunity to secure the property for a good purchase price. A major challenge for us was reconnecting the utilities the electricity and gas meters had been bypassed by the previous occupiers.
This property tested how good we are with professional HMO design because every wall at an angle, making room layouts and furniture positions a challenge.
Purchase Price (incl. all costs): £113,672
Refurb Cost: £35,000
End Value Post Refurb: £155,000
Monthly Rental Income: £2,350
Monthly Expenses: £1350
Monthly Profit: £1,000
• Full Damp Proof Course
• New Electrics &Central Heating System
• Removal of 2x Chimney Breasts
• Galley Kitchen & Breakfast Bar created
• Converted upstairs bathroom to Bed 3
• 2x New En suites Upstairs